> You're always bound by the same latency - your input goes to the server and server returns world state for your PC to render
That's untrue of most games. Most games will accept inputs immediately on the client, and only correct from the server if things get significantly out of sync ("rubber banding"). Dead reckoning is both hard and super important.
> As for economics I already said you can exploit the shared state very much in games if you rework the way rendering works. Right now games focus on camera space rendering because they only care about 1 view output and view space effects are cheapest in this scenario.
The way you say this makes me think you have no idea how rendering works. There is no rendering without a camera. The idea doesn't even make sense.
> recomputing lighting/shadows, animation, particle effects, etc
Particle effects are dependent on graphics card bandwidth and fill rate. No benefit of shared state. Animation is done in vertex shaders. No benefit of shared state. Lighting and shadows are done through GPU buffers. No benefit of shared state.
The only possible system where shared state could (maybe) be useful in the way you describe is some sort of massive ray tracing operation. That wouldn't have anything to do with GPUs, and if you're talking about real time ray tracing the economics of this just got sillier. Now you're basically talking about a super computer cluster.
> I have no doubt this is the future of VR
VR is BY FAR the most sensitive to even minor latency. There's no way you're doing VR over a network.