Take over of consoles
For the masses, less dedicated gaming market ...possibly.
For the die hard fans and people who realise the way forward...no
I'm willing to bet bigger and better. (Using the past 10 years to present day as a rough guide, looking back at Wolfenstein and comparing Crysis
)
Console gaming, especially with the introduction of playing online, has gotten better in the past 10 years. However, I still think it's a step down from PC gaming online.
Perfect example, I was talking to a friend of mine recently,he's not into PC's and loves his 360. He shows me this "new shooting game" and it turns out to be some sort of Xbox360 equivalent of Battlefield/2. It looked ok, but nothing on the PC version. He was telling me about all the cool things like "Man, you can get 12 people a side so you get a huge royal rumble of 24 people!!!!!111oneone".
To this I replied "Dude, Battlefield isn't even oldschool PC gaming; try a game with 32 people PER SIDE that makes 64 PEOPLE IN TOTAL playing with potentially more if your server can handle it...all in one urbanised map". He couldn't comprehend how big the teams were and how awesome it could be.