Matchmaking? As far as I know matchmaking has always been done in the "cloud." Even now. That's why when a games servers are shut down, they are really just shutting down matchmaking. They can't take the ability of the a player to host the game away.
Matchmaking and hosting are two different things. A lot of console games are player hosted, but the matchmaking still occurs on servers that the platform or developer provides. I'm pretty sure that's how it works for 360 and probably PS3 as well.
It's easy for Cerny to say that PS4 can use the cloud. Of course it can, why wouldn't it be able to? Anything can use the cloud. I think the thing to remember is where the tangible resources are. The whole reason Microsoft is throwing around so much stupid jargon is because they have the Azure platform to back it up. We don't know what it could be used for yet, but it's a real thing that exists. Sony does not have that infrastructure and they realistically never can. At least not anytime in the near future. They do not have a "cloud" in the way that Microsoft does. You can go get a piece of that cloud right now and do whatever you want with it. Sony will of course have data centers to power PSN like they do now, but that isn't something that directly compared to what Azure is.
Microsoft is basically giving developers easy and cheap access to the cloud that they already own and operate. It's will be significantly easier for a developer to make use of those servers compared to them trying to do it on their own. Respawn is a perfect example and they said exactly that in the interview.
I doubt graphics could ever come from the cloud, but there are things that easily could. Not everything has to be extremely latency dependent. We don't know where developers can take it. Like Brad said on the podcast, even if it just comes down to dedicated servers becoming the standard, that is a huge thing to celebrate.
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