The HD4870 is an impressive peice of technology, but by the time the next generation begins it will be a low end graphics card. The next generation consoles will (likely) be released in 2011/2012 and their GPUs will be somewhat similar to a mid to high level Graphics Card from 2010; which means that what is possible in a real time demo on the HD4870 should be fairly easy to obtain in game on next generation consoles.
The Lightstage demo is cool, and I don't see much (immediate) use in console games but I see huge value for game development. I don't expect that it will be used to create character models from people, but with how expensive it is to model anything in game I could see many companies using it to create their environment objects that can be used in game; take something (fairly) static and highly detailed like an antique chair and you're looking at several days worth of work of several developers at a total cost (to the company) of a couple thousand dollars. With a technology like this your company (or a company which markets its model library) can take a peice of furniture and "scan it" and get the model and normals (which could be done other ways before), but it can also get a full texture including material and shader effects. Even if EA was buying some expensive furniture to use in a system like ths, and then burning it to light their expensive cigars, it would be cheaper than modeling and texturing the objects.
