I've said this for a few years now, and I'll continue to say it: mobile games cannot compare to games made for dedicated consoles/handhelds. I'm sorry, but playing anything beyond something like Angry Birds or Peggle on a touchscreen-only device is clunky at best. I know there are full console-like experiences available on mobile phones, but the interface just can't compare to having dedicated gaming controls (analog stick, buttons, etc.).
To me, gaming on my phone is limited to playing a few rounds of Angry Birds or Fruit Slice if I'm waiting in line or something. If I want to do any serious gaming, I go to my consoles or my 3DS. So no, at least for my part, I can't see console/handheld gaming yielding to mobile gaming anytime soon.