Well if we look at fact consoles are sold at a loss and PS4 and Xbox One are already outdated. They were before even being released. I don't see how it could be profitable to release a new generation of console every 3-4 year. The long term (+ 10 years) clearly doesn't look too promising for consoles but for the next 10 years there's still gonna be a big market for home consoles, (PS4 and XOne are selling faster than their predecessor).
Now in in my opinion VR looks promising but so did Kinect and all that PS Move shyt. Look at it today both majorly flopped. VR will probably flop too. PC may be the only way for quality home gaming in the future as consoles are getting outdated fast but will all that being said nothing beats a console and a controller IMO so they'll stick around for a while I think and I really hope Sony and Microsoft step their game up for the next generation.