Yes and no.
The "massive budget" big console titles like Call of Duty, GTA, and Destiny aren't impacted by smartphone gaming too much.
Middle-range and lower budget games though are getting squeezed. This is the LittleBigPlanets and Tearaways and Captain Toads and even Sunset Overdrives to break out and become hits these days. I think a lot of this is because of the changing landscape.
Once upon a time, the home console was basically your entire outlet for gaming so you played all types of games on it. But this is starting to narrow with the console becoming set aside for the higher budget games, while the mid/lower-end gaming fix is starting to get eaten up by smart devices.
Nintendo is also getting rocked more by smartphone games than Sony/MS are because they relied more on casuals, women, and children as key anchors of their userbase (especially last gen) and smart devices have done an absolute number on that audience.
The dudebros and jock gamer audience, whatever you think about them still need their PS4/XB1s to get their Madden/GTA/COD/etc. fix. Casual gamers don't need any of the core video game IP (not even Mario). If they can get their 15-30 minutes/day (5-6 times a week) video game fix satisfied by Candy Crush or Farmville or Tetris iOS ... they're more than happy with that and don't need/want anything more.
