Consoles may never 'die' but they are on the way out.. This includes handhelds.

It's just the same as with watches, people will always wear them but 95% are going to look at a watch and ask why on earth would I want something that only does one thing? couple this with physical game discs, needing a stationary screen and all the other headaches that go along with a console and their future is very very limited.

Stuff like onLive will be the future of consoles I believe

Making the stuff in the engine look good is going to be partly up to the developers.. Some of the most amazing stuff that you guys and the general public don't appreciate is how incredible the toolset is for UE3 and how much more incredible it is for UE4. Beyond anything else that is what's going to sell this engine more than anything else and will propel this to the top of the list.. that's why you see more hardcore PC games using Unreal than any other singular engine and again why you'll see UE4 reign supreme over the competition. The toolset is years ahead of the rest