All IMO and highly speculative - [so don't bother reading if you're not really interested!] - but...
It makes sense for NVIDIA to leverage their expertise into new domains, especially so with more and more companies becoming fabless (TI, anyone?) and the gap in process nodes between the different players getting smaller and smaller. Chartered is now part of one of the IBM alliances, and TSMC has a ridiculous amount of money to invest in R&D. UMC seems to be following quite well too, but we'll see how that goes in the longer term.
What this means in my mind is that NVIDIA shouldn't be afraid of entering new markets that are somehow, even just partially, affiliated with their traditional areas of expertise, or any other ones they'd develop along the way. Jen-Hsun's motto tends to be that they want to compete in markets where they can "add value". That's an excellent strategy right now, but if they kept following it for the next 5+ years, they'd eventually end up in a position with few substantial growth opportunities remaining. And then they'd stagnate with a $20-25B market cap (plus inflation) for the next 500 years or so.
Let us then predict a few things. First of all, R&D budgets for both the technology side of things (IP) and the implementation-specific side of things (chips etc.) are going to rise in all semiconductor markets, at when aiming to deliver a highly competitive offering. This is hardly a revolutionary idea, and the consequences of it are fairly predictable. Higher levels of company integration and more synergies across a company's various product lines will be necessary in order to turn in appealing levels of net profit, rather than merely approaching "profitless prosperity".
What I'm trying to get at here is that there is no good strategic reason why NVIDIA shouldn't progressively try to become pretty much all the things you listed. The IP necessary for the various addressable markets is going to become more and more similar, until eventually, it (nearly!) fully converges. And I believe that dynamic is going to play out much sooner than some are expecting. We're going to see cutting-edge desktop GPU architectures used in handhelds Very Soon(TM) now, and that's only the beginning. It's not unthinkable for even video to have synergies between different product lines soon - in fact, AMD seems to already be going in that direction!
This is already getting a tad long and I don't want to get carried away, so I'll try conclude pretty fast from here. I believe NVIDIA's strategy will have to become a very diversified player leveraging the same technologies in a huge number of product lines. This also means that they will have to expand their technology portfolio, but they're rapidly getting there already. A good company that has followed such a strategy, but perhaps to less of an extreme, is Texas Instruments. Look at how many different chips they've got using their DSPs, and how many different markets their DSPs are in!
When it comes to CE, I think it should be fairly obvious where I think NVIDIA should go from here. Ideally, they should have their own DSPs (Stexar?) to go with the rest of their IP (including GPUs), in order to substantially increase their addressable market - but they could do fine even without that.
As for the PC market, NVIDIA isn't going to compete with Intel (or AMD) in their current position. Unlike what some people might be thinking, they're not going to come out of no where with the new Conroe. On the other hand, they've got an interesting market dynamic working for them: the CPU is getting more and more useless every day. The question is when this will truly begin to matter: in 2008, or in 2015, or even much later?
If I had to make a wild prediction, I'd say NVIDIA's best shot today is to kill VIA and pick up the pieces. They've got an unique opportunity to do this, by competing aggressively in the lower-end of the chipset market which is currently VIA's bread and butter. My understanding is that by acquiring the entire company, and making it a subsidiary, they'd be legally able to continue developping and producing x86 CPUs, including the C7 family. That's a free pass into the embedded market, and also a great way to compete in certain parts of the PC market where the CPU doesn't really matter anymore.
It's very nice to speak of performance-per-Watt, but the chip that takes the least power is the one that doesn't exist. From that same perspective, consider something like a beefed-up and dual-core derivative of the C7 on 45nm. Such functionality would take barely 15-20mm2. How likely is it that Fusion takes less power than that? Now, rather than adding the GPU to the CPU, just add that CPU to the MCP+IGP, which is already single-chip today. This strategy has other interesting dynamics that would play into it, such as the influence of GPGPU.
Overall, this obviously all makes pretty good sense to me, but that doesn't make it any less speculative. I think the CE part of my prediction is not really out-of-this-world; the PC part, however, is much more wild-eyed. I think there's an opportunity for NVIDIA to go in that direction and win big, very big. At the same time, plenty of other possibilities exist, and in all honesty, I'm just describing the kind of strategy I'd be preparing right now if I was in the management team of any of those companies - which I'm obviously not, so take all of this with a grain of salt
(But hey, you asked for it to be speculative pretty much, so hopefully this is what you are looking for! All of this assumes that NVIDIA is successful in all of their intended markets though, which is a pretty big IF, but it'll be interesting to watch anyhow)
Uttar