I think the vast majority of the the mobile/ social games business are in a bubble, and it's going to burst within the next few years. The exponential, extreme growth of any category doesn't last indefinitely. The bubble will burst, as they always do, and there will be a deep depression of demand for those types of games. People will fall back on the tried-and-true console business formula because it's safer and it's proven to work. Newbies like Zynga are already starting to see the effects of it.
3DS and Vita, and by extension Nintendo and Sony, are and will be just fine. The only problem I see with Nintendo and Sony is that it took them a bit too long to realize that you can't sell Tetris for $40 when it's 99 cents for the exact same product on smartphones and tablets. They both realize this now, and I think from here on out it will be high-production, blockbuster games that people will be willing to pay a premium for.
