According to Epic Games’ Mark Rein, PC gaming development will largely FOLLOW the development of consoles going into the future as production costs increase.  Hard to argue with his logic here.

And what does console have to do with it, then? “Consoles will pretty much define what the next five years of games look like on the PC… We’re just now at the point where it’s viable to ship games on these next-gen consoles and it’s going to be a gold mine for a couple of years… People will dabble in DirectX 10 and a couple of PC-only games… but I don’t see people going way, way over what these consoles can do because then they can’t sell the game.”

Wow. Way to make an entire industry balk, Mark.