PS4 & XBOX 720 Will Mark End Of Console Gaming Systems - Agree / Disagree?

XBOX and Playstation latest versions were launched about 6-7 years ago and the graphics / gaming industry has evolved a lot in the few years. Looking at the growth rate, it looks like the hardware capabilities are growing so fast that we won't need dedicated gaming consoles anymore. Everything will 'probably' be delivered through the cloud and the gadgets; be it TV or computer will be capable enough to play it directly.

Do you think the next versions of the gaming consoles, Playstation 4 and XBOX 720 will mark the end of gaming consoles?