Sounds like Denis Dyack needs to have lunch with Trip Hawkins to converse about the 3DO.
To be perfectly honest, I think such a move would be beneficial to everyone, consumers and developers alike. The trick is, however, since no one company will own the hardware and get all the royalties, what incentive will console licencees have to subsidize the hardware bringing the costs down to what people are willing to pay (3DO licensensees had to share the royalties based off of marketshare)? Even as expensive as the PS3 is, you're still not paying full price for it. If the hardware is kept scaled back in order to have a market price of $300-500, how much (or little) will that buy you? How do you coordinate marketing? Minimum standards? What about royalties and incentives for console makers to make money on something that will start off as a low-profit item?
Its an interesting idea that's been tried once with the 3DO, and we see aspects of it in the PC market (especially video cards) today, but its going to require revamping of the money side of things if anyone is going to bite. The closest thing we've got these days in would be Windows and DirectX 10, but even then there are too many variables and the costs are too high compared to consoles (forget the cost of the OS - just put together a decent budget machine or even a mid-range and you've already bought a PS3 or 360 Pro plus Wii).