Ssyn said:
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WoW is the exception, not the rule. WoW makes a lot of money bot those people play mostly WoW and won't buy a lot of new games as they already pay 30$/month (or something like that) to play it. The PC gaming market is completely cannibalized by piracy (except for MMO which is what truly thrives on PC). It's no wonder even Epic and Valve started to support the consoles.
OT: I don't think much will happen. Most popular games on HD consoles are not PC port such as Halo, GTA, Final Fantasy, Rock Band, etc. However, PC will never have an impact on consoles. Just look in the past if you want a confirmation. While we're playing games such as Super Mario World on SNES, computers had games like Myst which looked so much better than consoles. Yet, the PC gaming never really stopped the expansion of the console market which grows yearly (and even without the Wii). Besides, programming games for Xbox360 is really similar to program games for PC. In that case, it's in those companies best interests to release games for both PC and Xbox360 (at least) even if the graphics are not as good.
How many cups of darkness have I drank over the years? Even I don't know...