USB 3 is great for sustained transfers but for small reads and writes its as bad as USB 2 was. I don't know about windows 7, but OSX's boot involves a lot of small file reads and writes and when I've booted OS X from USB 2 drives, the boot up was painfully slow - far worse than the difference in transfer bandwidth between SATA and USB 2 would suggest.
As for games, It'll depend on the game. If you can boot windows from a USB 3 drive, once you've booted, started the game, and loaded the level, as long as it fits in ram and isn't paging out, maybe you'll get comparable performance. But if the game needs to stream assets off the file system and into memory in-mission, the game will probably be unplayable.
If this is really what you want to do, I'd suggest getting a Seagate goflex thunderbolt adapter. Thunderbolt bests USB 3's large file transfer speed, and doesn't sacrifice small file reads and writes.