The only thing consoles really have to worry about is PC/cloud integration in everyday life. Soon CPU speeds and GPU speeds won't really matter anymore and you will be able to pull up call of duty from your TV without need for the latest console.
The current 60 dollar per game business model is going to waiver in my opinion. I can buy games like minecraft for 26 dollars that give me unlimited hours of enjoyment, when there are plenty of really ****** games that are retailing for 60 just because thats the price point. I think it's going to be interesting to see what the industry does to combat used gaming next round.
I doubt Cloud Gaming will have any real impact on PC or console gaming, and Call of Duty is the best example of why not.
Latency.
It's a twitch shooter, and fast games are the ones that already perform weakest on cloud services.
And again CoD is a glowing example of why games aren't going to get any cheaper. CoD games are frequently the most preordered games, breaking records on each release. And those are for full-priced £50 games, the DLC sells for £11 and contains 4 (or 5, I forget) maps. People are paying more each new generation of gaming.
This isn't for all games, thankfully. But the price range is now broadening; full sized games are being released for free, full quality indie games at £7-15, full console games at £30 and the upper tier games at £50.
For the record I really dislike Call of Duty.