In the future? Haven't http://www.onlive.com/ been trying this for quite some time now? This is so not the future. Why would we want to move all GPU processing to the cloud when you can get an incredibly powerful GPU for so cheap? Even on mobile devices?
It is. Sony bought out Gaikai, which was a company doing similar work as Onlive. They plan to allow users to stream games, I believe PS3 games, on the PS4. I am sure if it works out for them they will expand it to do even more.