In my experience (11700k, 3060, Ethernet wired PC) Game stream via Moonlight looks better and is smoother at similar bitrates. This is both using the Steam Link Android client (wireless) and using the Steam Link hardware device with Ethernet (which I installed Moonlight on).
ShimReturns t1_j0m4xyv wrote
Reply to comment by derscudo in Nvidia kills off GameStream on Shield, points users to Steam by thebelsnickle1991
In my experience (11700k, 3060, Ethernet wired PC) Game stream via Moonlight looks better and is smoother at similar bitrates. This is both using the Steam Link Android client (wireless) and using the Steam Link hardware device with Ethernet (which I installed Moonlight on).
I'd say Steam Link is close but not as good.