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I don't think it will in the short-term. I mean, not having to buy an extra device and play games with much better settings sounds like advantages that PC gaming has had for decades and people didn't stop buying consoles. Also, how much time will it take for such high speed and high reliability Internet connection be available for the average consumer? How much time will it take for such Internet connection be available all around the world? And that's not counting what traditional console manufacturers would do. I imagine Nintendo and Sony would build their consoles around ideas not as easily replicable.