Well AAA games would be different, we would probably get a lot less single player ~10 cinematic experiences like most AAA console games are. But we would see a more in traditional PC genres. If consoles dissipated overnight I would imagine a lot of gamers would transition to PC (and mobile I guess) rather than give up gaming all together. That would also change the landscape of PC gaming a lot of course.
AAA games in the PC space (that aren't also on consoles) are mostly MMOs and Blizzard games at the moment. With a handful of F2P titles like League of Legends/World of Tanks etc plus arguably The Sims. And then we have a bunch of "not quite AAA" titles in the simulation, strategy and RPG genres. We would probably see growth in those types of games driven from the increased PC userbase of all the ex console refugees. There may also be a handful of console style AAA games but with only one platform and without first party backing they would be smaller in budget and probably fewer. Or possibly the big three might try and set up their own online marketplaces and try and drive adoption through store/client exclusives. Just imagine a Nintendo version of Steam with exclusive Nintendo games + 3rd party titles vs a MS one with their titles and a Sony one. MS failed with Games for Windows Live (partly because it was a pain in the arse and didn't work properly half the time) because they were more focused on Xbox and half arsed it, however I imagine if they put their full focus behind it and filled it with AAA exclusives like Age of Empires IV, Halo, Forza, Gears of War etc and executed on a client and DRM scheme as user friendly as Steam they could have a real go at it.
TL:DR I would say AAA gaming would most likely shrink from what it is now. But would mostly just change and transition to other genres and business models.
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