The new PS5 cloud streaming feature is live as part of a limited preview that some PlayStation Plus Premium members have just been invited to. It is separate from the recently announced PlayStation 5 beta firmware, although receiving this invite also provides access to the new firmware.
According to early reports on the ResetEra board, the PS5 cloud streaming feature supports 4K resolution, which is a surprise. Sony's PlayStation Now cloud service is limited to 1080p streaming, for example, and so is Microsoft's XCloud (included as part of the Game Pass Ultimate subscription tier). It's a bit funny that Microsoft, despite being considered by regulators as a potentially dominant player in the cloud market to the point where the CMA blocked the Activision Blizzard deal on those grounds alone, is actually behind not only PC cloud streaming services like GeForce NOW and Shadow but also Sony's own PS5 streaming.
Anyway, the 4K resolution PS5 cloud streaming (which should launch 'soon' to the wider public) holds up pretty well against native games, at least according to the initial reports. You may also check out an image comparison here.
The following games are currently available:
God of War: RagnarokHorizon Forbidden WestFortniteFall GuysDestiny 2ReturnalDemon's SoulsDeath StrandingSackboy A Big AdventureDestruction All StarsFall GuysDemon Slayer (Trial)Resident Evil Village (Trial)It's interesting to see Sony pushing in this direction between the PS5 cloud streaming and the upcoming Project Q handheld. The usage of this new PlayStation 5 feature is currently limited to the console itself, so it's only really a way to avoid downloading games, but it's likely Sony will eventually allow streaming to its Project Q device, too.
Project Q should be released later this year, running a custom version of Android as its operating system. Early rumors point to a fairly low battery life target.