We already have the PC.
Ever since the 80's analysts have predicting and saying PC would kill consoles, it's one of the reasons why no one besides Nintendo was motivated to come out with a console after Atari crashed.
There's a reason why this idea doesn't work. People still want dedicated gaming platforms, they want integration of hardware and software development. Super Mario 64 would have never been possible without integration of hardware and software development. Same goes for Wii Sports, Nintendogs, Super Mario Bros. and to a degree Sonic.
People still want unique experiences that flourish from dedicated gaming platforms, and that's why videogame consoles have not been replaced by PCs for gaming, even though everybody has adopted a PC also, the videogame console is still a valuable model for development of quality content.
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