On the contrary, I haven't the slightest doubt in my mind that PC gaming is going to swallow console gaming in the future, but not in the way you think. Modern consoles are, to begin with, essentially PCs that do less than normal PCs. And with things like Facebook integration, web browsers, and even keyboard peripherals being added to consoles, the consoles are all starting to look more and more like normal, multipurpose computers...
In fact, the only thing stopping them from actually being marketed as game-specific PCs are companies like Microsoft, who earn money for every program designed for their platform, every PC unit they design and sell, and every service the user has at their disposal (XBox Live). The moment they make their XBox into a full-fledged PC, anyone can make a game for it, so they don't have to pay Microsoft to do so. Anyone can provide internet access to a PC, so Microsoft's XBox Live can't monopolize the market at drive prices up.
So that's pretty much the only reason why console gaming still exists: Because these companies have a horizontal monopoly to maintain. That being said though, the question remains: How big a problem is this, and what will it take to overpower it? I don't know the answer, but depending on it, console may sooner or later (or never) become PC gaming.
One thing's for certain though: PC gaming will never die.
In fact, the only thing stopping them from actually being marketed as game-specific PCs are companies like Microsoft, who earn money for every program designed for their platform, every PC unit they design and sell, and every service the user has at their disposal (XBox Live). The moment they make their XBox into a full-fledged PC, anyone can make a game for it, so they don't have to pay Microsoft to do so. Anyone can provide internet access to a PC, so Microsoft's XBox Live can't monopolize the market at drive prices up.
So that's pretty much the only reason why console gaming still exists: Because these companies have a horizontal monopoly to maintain. That being said though, the question remains: How big a problem is this, and what will it take to overpower it? I don't know the answer, but depending on it, console may sooner or later (or never) become PC gaming.
One thing's for certain though: PC gaming will never die.