I don't think that'll happen.

The Xbox One is a customized PC, not unlike those that existed back in the 80's and early 90's.  The OS is nothing more than a specialized version of Windows, once again, not unlike what was seen in the late 80's and early 90's with MS-DOS and desktop UIs.  DeskMate and GeoWorks were simply graphical user interfaces that overlay the underlying OS, much like Gnome, KDE, and Englightenment are today for Linux.  The Xbox One is exactly what Microsoft wants in every home.  A Windows 10 PC. 

The goal is to have seemless integration of services between home, PC, and mobile.  For example, you're talking to someone at work on your laptop via Skype, as you leave that conversation moves to your mobile phone, and when you get home, as you sit down in your couch, you finish that conversation up on your Xbox One.  The PC is no longer the centerpiece in Microsoft picture.  It's the Cloud, which provides the features and services people will use.  The Cloud allows you to move from device to device, potentially seemlessly in some cases, and continue to do exactly what you were doing previously.

Ultimately, I think even the streaming capability between Windows 10 and the Xbox One is a feature Microsoft will be offering via the Cloud.  With Hyper-V desktop virtualization that Microsoft already has in the Enterprise, the potential to package a game in a virtual machine is entirely possible.  There was a hint that Microsoft was even doing this already with Xbox One games, except those games run within their own VM on local hardware.  So, the fact that Windows 10 can stream a game to the Xbox One, or even vice versa, doesn't mean what I think you think it means.  It means, in the near future, Microsoft may be capable of providing that feature as a service and probably will.  Anything Windows 10 can do on local hardware, Microsoft can package as a service.  That's the reality of the situation.

And that changes the game completely, if they can.  Because then ANY game can be packaged in a virtual machine, and sold on a service.  It'll run seemlessly, no additional software or hardware to run it.  So, if you buy Microprose's F-15 Strike Eagle through this service, it'll be packaged so that as you click the game icon the game runs, but in reality the game is running in a VM with a DOS emulator.  You don't install anything to your PC, Xbox One, or mobile device.  You click a button for the game you want to play and it runs.  This is exactly what lots of corporatations do with enterprise applications today, and where I think Microsoft might be heading. 

Unless Microsoft starts selling TVs with Windows 10 on them, then I doubt they'll give up on the Xbox in the livingroom.  The PC might see a resurgence in gaming because of how Microsoft is integrating cross-platform gaming with the Xbox One, but I don't think Microsoft will give up the living room.  I think the Xbox One will be positioned as providing the ultimate gaming experience, as well as being the hub within the home.