Playstation Now is the newest project Sony's revealed for us. It's a streaming service for games, similar to Netflix's streaming service for movies and TV shows. At CES, Sony was giving a first-hand look at PS3 games such as God of War: Ascension, and The Last of Us all on Playstation now.
Through PS Now it's possible to stream PS3 games through different Sony products such as the PS4, PS3, PS Vita, Sony’s BRAVIA TVs, Sony smartphones, and tablets. Using the Cloud, you will be able to save your game on one product, and continue on another. Like moving from the tablet to the Vita. The service isn't fully functional yet, and will be in Beta by the end of January. Sony say they will offer it as a subscription.
Playstation Now is scheduled to be fully released in the Summer