Well this is an interesting suggestion. Gaikai's Nanea Reeves has suggested that one of the current crop of platform holders will announce that they are bowing out of the console race at E3.
"Not all of the current console makers will have one more generation. That will be the big news at E3," said Reeves.
GI.biz reports that this has led some "to speculate that perhaps the streaming company had been collaborating with either Microsoft or Sony on a machine which would stream content in the way that OnLive's service does."
However, Kaz Hirai reiterated Sony's commitment to the PS3 at CES, also saying that he felt solely relying on cloud based services and network distribution of content was "just not possible" yet.
Microsoft have previously suggested that cloud gaming is the future: "[OnLive and Gaikai] are really gaming platforms as a service," said Microsoft's Brian Price, speaking at GDC China back in November. "There are some limitations here, but I really do think this is the distant future of gaming in the cloud."
Those limitations? Yep, you guessed it - reliable, high-speed internet access. However, Price did say Microsoft were already looking at cloud-based material, we saw proof of that with cloud saves in the Metro update.
"You will be seeing things in the Xbox platform that's cloud-specific. I'm already doing it, it's really exciting, but I can't tell you about it or else I'll get fired."
A complete overhaul though? It looks unlikely. The Xbox and Playstation brands are sitting pretty, at the moment, with Microsoft's machine still doing fantastically well and the Playstation division currently proving a leading light for Sony. Which leaves Nintendo...but they've never been particularly good when it comes to taking things online.