OnLive is a game streaming service that will allow you to play videogames over the internet, without the need of installing them on your local machine. You’ll have to pay a monthly subscription fee, have a decent internet connection and you’ll be ready to play any game available on the platform. You can run OnLive both on a computer using a browser plugin or on your TV by purchasing a micro set-top box. It’s a revolutionary service, and it’s launching on June 17th during the Electronic Entertainment Expo (E3). We can’t wait.

In the meantime, the OnLive guys are still previewing the service (which has raised a huge amount of funding over the years) and the latest tech demo at D8 has shown us that OnLive is already working great on the iPad. Steve Perlman, CEO and founder of OnLive, demonstrated the popular RPG Borderlands running on Apple’s device, also stating that that same game wouldn’t be able to run on any other machine in the room. With OnLive, that doesn’t require powerful hardware on the user’s side, the game ran just fine.

With the recent release of Steam for Mac and the upcoming cloud-based service OnLive, gaming on Apple’s devices has never looked so good. Is cloud gaming the next big thing? We’ll find out in two weeks?

In case you missed it, check out OnLive’s press conference at GDC 09 video below.