I can't help but marvel at the quality and capability of my PS3 and Wii; however i have to think about the validity of their future?  I personally see two potential attacks on the current industry structure:

1) The i-Phone.  How long before Apple stick a 'HD out', onto the little device, and suddenly blu-ray has gone the way of VHS.  Surely more powerful processing, and quality games will put Apple right in amongst the gaming big boys?

2) And the second being; onlive http://www.onlive.com.  Stream your games....done!

I love how technologies can appear out of nowhere and own a global market space within years...SEGA Megadrive anyone?