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I used PSNow for like a month when it first game out. At the time the little latency it did have was to much for me in the games I wanted to play so I let it lapse. That being said, I have no doubt, to include some user reviews I've read over time that it has improved. Not to mention, it's clearly doing well enough, or making Sony enough money anyway, to keep it going. I guarantee they've been working on it as a future model, ironing out issues, and preparing for when competitors launched something like GeForce Now, or Blade Shadow (Google) it, before they push out major updates of their own, or simply lower the price to compete with new stuff. Lastly, as Bluefox755 pointed out, Sony has great games that can't be played on any other service sitting on PSNow.
Maybe not your cup of tea, nor mine, but its an OPTION for some people, and hardly obsolete.