Smart TV's will have to become a WHOLE lot more responsive and quicker before that happens. but eventually yeah. I'm not sure that will kill the console as a media and entertainment hub though.
10 years ago most people here still had 27 inches CRT TV without any extra. I think you will be surprised where TV will be in 10 years.
Also I don't believe 4K UHD TVs will be nearly as desirable as 1080p TVs are now. argument: 1080p looks great! why should I buy a new TV?
I don't know where you all live but here nobody buys SD CRT TVs. It's at the minimum 32 inches 720p LCD HDTV. More and more TVs now let you play media from an extrenal source.