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No, I don't think that would end anything.

Mainly because Microsoft and Sony have invested too much and will still fight to gain a dominant position on this market, with always evolving systems, with more functionnality. They are also more powerful and more wiling to spend money to make their systems successfull.

Secondly, because Nintendo will still release consoles with their exclusive games. And this is enough to make me buy theirs products.

Thirdly I think that this system has many flaws. The most important is not being able to own a game. That's very important for the majority of the customers. The idea to not own a game is not pleasant for me.