Latency issues are long gone, for the most part. The online games I used to play had no such issue for the last three years or so. League of Legends, for example, feels like you are playing a single player game that doesn't even require an Internet connection. Same thing with all of Blizzard games ($ATVI).
I can't think of any possible problems right now, but I'm positive there will be and gaming will not be moving to cloud anytime soon.
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