OnLive, the magical PC and Mac streaming-game service will be launching June 17th. The on-demand service will cost you $14.95/month.

Requiring a 1.5 Mbps connection for standard-def games (5 Mbps for HD), the service pipes games to your PC, TV, Mac…whatever has the client installed! The $14.95/month is the price of entry; games will cost extra.

You will be able to play demos for free, purchase games, or rent them for a period of time and at a lower price. None of the data is stored on your system — saves, games, etc. all get saved in cloud-computing land on OnLive servers.

You can sign up now on the OnLive website. It’s interesting to note that you must pass a Connection Test before being “officially” signed up.