I have my gaming PC in another room and stream it to my laptop using Nvidia's GameStream and Moonlight. I run it at 1440p with 120fps. With everything connected via ethernet, I get an end-to-end latency of 7ms. This means my stream is only just 1 frame behind the PC.
I use this setup for fast-paced games as well as regular PC usage. 99% of the time, I can't tell that it's a remote stream.
The advantages of the setup are:
1. Don't have to deal with the heat and noise of my gaming PC being in my room.
2. Switching between my laptop and gaming PC is faster than using a hardware KVM switch.
3. I can easily stream games or use my PC remotely with tablets and phones.
Disadvantages are:
1. Gamestream and Moonlight don't support streaming dual screens at once.
2. Gsync doesn't work over streaming. So lower frame rates (< 60fps) aren't as smooth as native.