Turning Older Consoles into Subscription Services

So my PSPlus is up for renewal and this just popped into my head. With the industry worrying so much about the sale of second hand games and due to the lack of real backwards compatiblity on current and next generation systems why not turn aging consoles into subscribtion services? Offer up a library of digital games at a set price on a monthly and or yearly basis. This should allow devs to continue to make money on older titles and continue revenue for the console manufacturer long past when that system would normally be shelved. Obviously this wasn't possible with the older machines in their current states but take Sony for example. If they were to release a model of the PS2 no disc drive just a hard drive and charge users say $10 monthly or something and offer up a large enough library of games that could be downloaded and played off the hard drive as long as that subscribtion is active. Like a direct Netflix for games but in this case without the middle man.

What do you guys think? Surely I can't be the first one to think of something like this, there must be a good reason they don't do it? Perhaps they are worried about the uptake on newer systems if they offer older ones on this model.

Poke holes shoot me down, but on first thought it seems like apretty good idea to me.

I don't think Sony can just make PS2 games available for download - anything published by a company other than Sony isn't their property.  so to get a good selection of games on this new box you'd need the cooperation of the entire publishing industry.  I also don't think there is much of an audience for that - buy a new hard-drive-only version of the PS2 that only plays PS2 games and then have to pay a monthly fee.  Most people who want to play PS2 games probably already have a PS2 and a library of games and they don't have to pay any fee at all.  Sure there are a few who would buy it, but I very much doubt you'd ever break even on the cost of manufacturing that console.

The whole Gaikai thing sounds much more realistic.  Just make old games available for streaming on the console people are going to buy to play their next gen games. 

If Gaikai is a service I will sign up day one. I have so many PS2 games and PS1 games but not all of them work right. Been waiting for a PSN release of Legends of Legaia cause it freezes at one of the best parts.