Consoles have already started becoming obsolete. And I really hope the Valve Steam machines will help extensively to eliminate consoles altogether. This may sound kind of harsh but that's how it is.
Because let's face it: Consoles are what's holding back the graphical (and even artistic, creative) evolution of games and the ability to take advantage of current PC hardware, because these days everything is a console port, obviously. They brought us DLCs, most recently micro-transactions, brought the idea of franchises that get pooped out on a yearly basis, that solely exist for the intent to milk $$$ from retarded people, who are willing to buy the same shit over and over again (Call of Duty, Assassins Creed, etc.). Also they aren't open systems like the PC, and it's a lot harder (meaning more expensive) to get your indie game released on a console.
Yes, consoles helped making gaming mass-consumer friendly, but I don't view that as a good thing. These days every game gets developed in consideration of appealing to a wide rage of audiences. That sucks, I loved the 90s where you still had little niches for every genre that actually differentiated from each other quite drastically. Also games were a lot harder (in a good way) and not casualized like today. Yes I know there are exceptions and as of recently, there seems to be a higher demand in challenging games, which is awesome of course. Also there is Kickstarter, which in the last few years has led to resurgence of these kinds of games, on the PC obviously.
Anyhow, we are already seeing consoles gradually becoming more and more obsolete, because technology is evolving so fast, there simply is no more market really for a stationary, inupgradeable, closed-system console sitting in your living room, for like 8 years. It would be stupid not to assume, that this may very well be the last "classic" console generation as we know it. The developers, in their ambition to be graphically opulent on the consoles (which already are low-spec PC hardware by now), already have to cap the frame rates at 30fps in many games... And this is the generation that Sony wants to release a piece of VR hardware for, it's ridiculous. Does Sony have the slightest idea how much processing power it takes to render VR in a convincing kind of way, at frame rates that don't cause nausea, WITH nice graphics?
The future of gaming and home of innovation lies on the pc, and in the slightly further future, phones (Yes, phones. In just a few years they will have enough power to render your VR games on-the-go) and portable VR devices that you can take anywhere. For stationary gaming however, whether VR or not, PC will be the go-to platform of the future.