As someone who has been working with Azure for years, I had a pretty strong reaction to the PR statements. Just to clarify, I do not work for MS nor in gaming; my work is business app related - a field where MS has been pushing it's cloud offering for a while now.
First of all: These servers have been around for a while, I doubt these 300k claims are based on something Xbox specific. If someone knows better please correct me, but I believe 300k is just the total number of all MS cloud servers currently. So for example the server running our company email is already listed.
Calculating power: The current servers are no graphical beasts, they have 8 core processors and a lot of memory, but quite basic GPU:s that are shared with up to 8 other customers ( Everything is virtualized ). Currently the servers mostly host databases, websites, sharepoint deployments etc. While they certanly might be 4x Xb one in CPU calculations, I doubt they will be doing any heavy graphics calculations anytime soon.
Price: A singe 8 core machine runs at about 500 dollars a month at the current pricing model. I just don't see how it can be feasable in the long run in games that have no monthly fees. If they actually want to calculate anything worthwhile graphics related, we are looking at a several cores per user. It simply makes zero sense to build complicated cloud support for just one extra core.
What the Cloud is good at: The cloud is good for handling large amount of data ( Disk and memory is cheap ) and doing userbase wide calculations. It might calculate statistics or auto balance the game based on a lot of user data, or it might store persistent world states for large worlds ( Online destructible environments ). But actually improving graphics, that will most likely not happen; they would lose their game profit way to fast. Again, 8 cores cost 72 dollars for 100 hours of usage at current Azure prices. How much are those shadow calculations worth?
What we will see: EA will propably make websites for all their sport games based on in game statistics and data. Lineups will be handled trough the cloud and you can compete with your dream teams or whatever. I believe most of the "exclusive" EA sport features are related to this. The big advantage in hte cloud is accessibilty and data. I see more companion iPad apps like Destiny has in the future. You can most likely see Cod statistics live from any device.
Why I am sceptical: The cloud is nothing new and Azure has been around for years. How many games use cloud calculations currently? I only see this as a way for MS to bring current web based features under one roof / API. Thus giving MS a steady revenue, and simplifying development of these kind of "off-console" experiences.