Oh my, another one of these discussions. I swear people these days... must refrain from insults... *sighs*
Theres more to gaming than what a system can run. Power is one part of a larger whole.. You need to take into account the memory a large AAA or even AA game needs to run, most people I know only have about 8 to 16gb of memory on their devices, 2 of which are taken up by OS. So a large game like Dragon Quest VIII (PS2 classic recently released on iOS) costs 1.3gb of memory. Thats a lot for the casual customer who will likely never finish the game. Price: People who use smart devices are cheap. $5-7 is the usual max a person will pay for an app game, even then most games are below $2.99 which creates competition for the bigger titles especially when a game like DQ8 is $20 on the App Store! Thats insane for the average person who normally plays Angry Birds or Candy Crush.
The customer itself. The average iOS gamer and console gamer are on 2 totally different levels. You cannot honestly expect console gamers to jump onto the iOS bandwagon just because it can run pretty graphics, if that were the case the Wii would have flopped and everyone would be a PC gamer. The average NA/European iOS gamer will play a game in between breaks or on the toilet, they normally wont have time or the attention span for a full console RPG like Skyrim, unless of the game is greatly compromised. They expect a game short and simple that has the replay value to continue coming back. Console gamers tend to expect more immersive experiences that they can relax on a couch or etc and enjoy.
Controls on a system and a iOS device are very different. It is physical vs. touch, each serve their own purpose in a way that fits the game it was made for. A game that uses a lot of buttons on a system would be overly complicated on a touch screen that normally uses maybe 3 different swipes max. The casual would feel uncomfortable using controls that require much more than that. As also stated, a casual wont pay $20+ up front for a game they'll delete 2 weeks later.
Battery: The battery on smartphones are crap to begin with, using a large game syphons the battery. People wont play a game that kills the battery are less likely to play it vs a 45mb game that kills the battery much less. I know enough casuals to tell you that. They'll ignore it for long periods of time, when they have full battery or just delete it.
Consoles arent going anywhere, theres more to it than being able to run them. Even then a simple PS2 port has frame rate and freeze issues.

Yeah. But that requires Nintendo's games. Why would Nintendo do that in the first place. When they can make all profits on their own hardware.

Mobile Devices won't kill consoles for the same reason why consoles didn't kill PC gaming or Facebook Games didn't kill Consoles.

There is a niche for everything in the market, and while share sizes may fluctuate there will always be a place for consoles.

You really have to shake your head and laugh at some of these gamer folks who seem to actually relish the notion of "tablets" and mobile devices killing off game consoles, like it's something they actually want to see happen.

Or perhaps they're just masochists, or sadists who want to see other gamers miserable? lol

If people find small handhelds a bother to carry around then what says a tablet with a monitor and controller? It completely unrealistic to carry that around with you. And even if you did i'm pretty sure that battery wouldn't last 2 hours.

there is an entire generation growing up who won't buy a console.. face it.. console gamers will go extinct.. not that the AAA console game industry will last that long.. we all be playing "indies" which all can be powered on mobile devices..

I dont see(with tech advancements) why not. If these machines can handle specs I also dont see why SOny MS Ninty wouldnt make tablet consoles with tv out and controller attachments. I not sure the specs will catch up though.

I don't see something like that having the possibility of happening until the end of the next generation.

Considering that Tegra K1 is pretty much the first SoC that performance around PS360 levels, and that even more devs will be leaving payed mobile arena due to inevitable bursting of that bubble....yeah, I don't think so.

i would quit gaming before that would happen. its why ive held on to about everything over the years. plus they will become valuable when you cant find them anymore and you got a shitty touch screen.