Microsoft is going third party because they can't keep up with Sony. With Microsoft gone out of the console Sony (or Nintendo) will just take their customers.
By then it'll just be Sony and Nintendo in the consoles space. The thing is they kind of appeal to different crowds.
Sony specializes in plug and play consoles that have enough power for big budget graphic intensive titles. And they are taking their time bringing games to PC where they don't sell nearly as well. So i don't really see PC taking their customers. They will still be successful for a long time. Although with no true competitor they might end up getting really greedy and screw up again. But who knows.
Nintendo has their handhelds of course that are home to their exclusive IP. not really focused on power but don't really have to. So they will be just fine too.