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I don`t think console will go away, but they will change, that`s for sure.
Also, it`s not just a question of hardware. More and more, kids are growing on smartphones and tablets and there, there are no franchises like Mario, Halo or Uncharted. They won`t feel the need or desire to buy those franchises on expensive, only made for gaming, consoles.
I won`t be surprised if MS, Sony and Nintendo, try to bring their biggest franchises to the mobile devices. They will need to build a userbase for their games on those devices aswell.

Between hardware and franchise awareness, the latter will be the one that will probably push the big 3 to those devices and treat them as if they were consoles.