Well if GPUs small enough to fit into a mobile can be as powerfull as the power hungry 360 GPU, wouldnt that mean good news for future PC and console GPUs? Thats an indication of improved energy efficiency and low cost mass production. So much more powerfull GPUs would be able to make it to desktop devices afterall without being too big or too power hungry
Look at pc today. The new gpus are very power efficient and destroy what the consoles currently can do by several orders of magnitude. Does it matter? Do you or others even care? Does it mean people are rushing to play on pc? Nope, few seem to care. So while yes it does mean that a future console gpu could be more substantial will it even matter anymore? I'll argue that the console of the future will be what the pc is today, basiscally a niche gaming device for those few that can see the graphical difference. The rest won't care and will happily game on devices they already own like tablets.
Going further, the console of 2021 I believe will not be a console at all, it will be a pc. Look at Win8 today, strip away the Win7 legacy desktop part and add kinect+voice+gamepad support and you basically have a game console. It's a fully 10 foot device. Yeah there is more software support needed, etc, but that's what I think will eventually happen where the idea of a console is gone, and instead (believe it or not) mid model plug and play pc's running Windows will replace them. No more need to spend money on custom console designs, total waste of time. A future windows pc will be the future Microsoft "consoles" as it were, the line will be totally blured and they will be one and the same. So for sku's you will basically have phone, tablet and pc. Phones have various form factors and designs but are all meant to fit in your pocket and be mobile. Tablets will have verious form factors and designs but are meant to fit in your hands and be mobile. Pc's will be the same with various form factors like desktops, utrabooks and tv boxes but ultimately meant to provide the best experience but not mobile. Three sku's, one sdk, one development environment. Devs and publishers will be thrilled because they are facing mounting/astronomical dev costs and this helps deal with that. Consumers will still get choice, for many their phone ot tablet will be good enough. For those niche few that want a better experience (the equivalent of the pc gamer today) they can go with a tv box with it's better gpu hardware. In that setup a dedicated "console" sku is pointless in my mind. It will also let Microsoft focus on one dev environment that works on all skus, which will also be a boon to everyone.
I think general customer apathy to better graphics is partly leading to this scenario, but so are developer costs which need to be consolidated somehow, and the above in my mind takes care of that. Core gamer dev budgets are growing far faster than the core gamer audience so it just can't continue like that anymore, something has to give. Microsoft to me is in the process of moving in this direction which I feel is brilliant, brilliant enough that I'm bullish on them and bought a stupid amount of Microsoft stock at around $23 because I think people are completely missing what they are doing probably because they are all blinded by Apple stock. Which for investment purposes to me is awesome because by the time the masses figure it all out I'll have already made a fortune on the stock