There are people out there gaming at 30fps with their TV set to Super Duper Image Processing Mode 500ms Latency Edition. Though I suppose these are realistically already served by the cloud gaming offerings.
Yeah, I've tried with shadow.tech and you can feel the latency. There's enough throughput to get a quality video stream through but there's enough latency to feel annoyed. I only play sandbox games though so I imagine it'd be worse with something competitive.