To be honest portability may be an issue but let me ask a question. If we could get it to a stage where we revolutionize the industry and it's more common place for someone to have say, a 27' HD monitor and a solid gaming PC, would portability be an issue? For example, you could go over to a friend's and sign into a steam account and load up the game there. You could have 4 controllers going via USB, or Wireless USB and wouldn't be just like gaming on a TV?
My main idea is considering that all industries are looking to bring all your information into one area, hence we see online streaming for tv gaining ground on cable or dish, why not the same for gaming? My ultimate goal would be for you to stop paying 700$ annually for games, DLC's, accessories, and new consoles; and instead you buy a solid gaming PC, and have integration of games so you don't have to struggle between Bioshock/Uncharted, you can have both.
But like a lot of you said, the industry might not want that. Consoles are still the main seller, even though they take hits from Steam and illegal copies.