Yes and no.

The "massive budget" big console titles like Call of Duty, GTA, and Destiny aren't impacted by smartphone gaming too much.

Middle-range and lower budget games though are getting squeezed. This is the LittleBigPlanets and Tearaways and Captain Toads and even Sunset Overdrives to break out and become hits these days. I think a lot of this is because of the changing landscape.

Once upon a time, the home console was basically your entire outlet for gaming so you played all types of games on it. But this is starting to narrow with the console becoming set aside for the higher budget games, while the mid/lower-end gaming fix is starting to get eaten up by smart devices. 

Nintendo is also getting rocked more by smartphone games than Sony/MS are because they relied more on casuals, women, and children as key anchors of their userbase (especially last gen) and smart devices have done an absolute number on that audience.

The dudebros and jock gamer audience, whatever you think about them still need their PS4/XB1s to get their Madden/GTA/COD/etc. fix. Casual gamers don't need any of the core video game IP (not even Mario). If they can get their 15-30 minutes/day (5-6 times a week) video game fix satisfied by Candy Crush or Farmville or Tetris iOS ... they're more than happy with that and don't need/want anything more. 

I think these concerns mostly arised due to the longevity of the last generation of consoles. Now that we are seeing innovation and a stream of new releases, the argument has become irrelevant.

If there is a threat from mobile it is from the extended media consumption. Time that ten years ago was spent platinum games is now spent on forums, Twitch/Youtube, Skype and surfing. More time is spent on the go and less home by the TV.

:)

Yes, console gaming will be inevitably be destroyed, now that Nintendo has joined the conquering army.

Mobile gaming is only a threat to handhelds. If anything it's something to get your feet with first before plunging into gaming. It's a gateway platform.

It was never a threat

Game streaming is pretty much the same as the old xbone policies. Online only.  Don't own it. Can't trade it in or share it with friends. Alot of people made a big stink over it (vocal, yes but not a minority). It cost MS this gen. It's asinine to compare game streaming to other forms of content streaming. Apples and oranges. Very different markets. I'm sure that game streaming will stay around but it has too many flaws to overtake normal console gaming. Namely, the networks are down too much for it.

No. The real threat to consoles is PC.

I don't think mobile was ever a threat to home consoles, but Android and iOS definitely were, an still are. Sony and Microsoft are doing a great job of broadening the scope of thier consoles. PlayStation Vue and Sling TV should help keep people usng their marketplaces for live tv, on demand, pvp, digital video, and with PS Vue DVR as well.

Both Sony and Microsoft will have to continue to add more and more non gaming functions to thier devices if they want to compete with $200 or less set top boxes, and $80 and below smart USB sticks. Many, many, many new avenues for accessing console quality games are poping up, and making these super cheap an super versitial low cost boxes perfect alternatives for the yearly COD player.

If Sony and Microsoft continue to stay ahead of the set top box and smart sticks, they could potentially grow the console market to its biggest base ever. With live tv they will be moving the console from a special use device, to a commn function device. This will make even the most casual and occasional user much more comfortable with the devices. With so much function and versitilty, they should see a huge trend away from people getting up to use the pc, and instead browsing the web, shopping, and social networking right on the television.

As for Nintendo. I see no future for them in the platform holder market. They have so many things they need to do to even begin to compete with MS, Sony, Google, Samsung, and Apple, that they may as well be a start up. unfortunate, but it really is the truth. That is why I applaud their decision to look at mobile and 3rd party development. They can be one of, if not the largest softeare developers in the world if they focus on that, and I fully think that is what they should do.