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BraveNewWorld said:
The mobile market can't compete storage, price, and power wise with the 3DS and PSVita. 

I prefer handhelds and have a Vita, but you can't affirm these two things. Mobile phones have easily 16 or 32 GB of internal memory and high end devices will accept 128 GB of external memory (while a Vita has 1 GB of internal memory and 32 GB cards that are far more expensive than a 128 GB regular MicroSDHC). 

About power, 3DS is outpowered by mid-end phones. It has 128 MB of RAM while phones are packing 2 or 3 GB, comes with a low end dual core processor while phones come with massive 2.3 GHz quad core processor and powerful GPUs. Vita is more competitive with smartphones spec-wise (quad core, powerfull GPU and 512MB of RAM + 128MB of VRAM) and still outclasses smartphones thanks to optimization and mature gaming SDKs, but it won't be long before phones pass it with their monstruous specs.

I would say that mobile can't compete with the quality of games and control with the 3DS and PSV. Playing on a touchscreen is a massive pain compared with gaming in those handhelds. Despite that, both 3DS and Vita have quality titles similar (or equal) to full console games with good graphics and art style, a lot of hours of replay values, good plots and so on. The best mobile games would be panned if they were on consoles because they are too simple or are plain copies of console games. 

About the OP, the answer is no. Consoles and PCs will always be several steps ahead simply because they have more liberal power consumption needs. A console can use 200 W of power to run a game and a phone can't use more than 5-10 W for that. It's necessary several year (or maybe even a decade) to create a 5-10 W machine that can outpower the 200 W one. But when this happens, the big machine will be considered obsolete and replaced by a new 200 W machine that beats the crap out of it. Of course, I'm not talking about cloud gaming since it would allow every device to run every game, so the device itself wouldn't be important anymore.