I don't see it happening for many reasons but I will try to stick to ones not already covered in detail. So issues I see...
Console manufacturers make most of their money from licensing games, in a scenario you outlined ether all 3 providers would be charging a licensing fee pushing the cost of games far higher. Or no one can charge a licensing fee and just about everyone will drop out of the hardware space.
Who (or how) decides what the hardware spec will be and when a new generation is released.
which online system would be used, you say that all would be in place but that would mean that not everyone could play together, defeating the purpose. You would need 1 matchmaking service and one cross game chat system to prevent fragmentation. And no one would pay for live if they can just choose a free service, unless they are offering exclusive services which again spoils the universalism. Also how would downloadable game services (XBox live arcade, wii ware PSN etc) be handled, it would need to be one (who would run it?) or providers would be competing to get exclusive games which they would undoubtedly try to tie to their consoles to spur sales of their hardware.
if you are allowing anyone to provide peripherals that work on all platforms and everyone is playing together, how do you stop people with keyboard & mouse pawning everyone with gamepads in shooters and RTS?
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