According to analsyst cosoles will die out between 5 to 10 year time.

[Grey Acumen]

this was on engadget jsut a bit ago, so i'll just repost my comment from there:

No need to worry about it. Consoles will never disappear entirely, because no matter how good computers get, they offer too much variance in design and capabilities to be able to design a game that takes advantage of the computer you're using fully.
In order to have a complete experience of a video game, it has to be designed for a console with a specific set of standards in both spec and controls. When I buy a video game, I know that it will be compatible with the console I bought it for, and I know it will play the same way that everybody else's game plays.