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The history, though short as it may be of games consoles shows that there is always room for a minority platform to exist.  So, we should probably be thinking in terms of "incomplete dominance".

 Having said that, if microsoft wins, we will have more online gaming which is great. 

If nintendo wins, we will have to only play namby-pamby games.

If sony wins, we will have more overpriced kinds of games.

 

You can only generalize about these things b/c we are talking about unknown future events, and the future will always always throw a curve ball if you try to hammer it down to close.