Sony losing its exclusives would be the most amazing thing to happen. Then I could be satisfied with a wii which I'm getting anyways.
Universal console would be a world-wide monopoly. I doubt anyone would go for it anyways, and what would stop game companies or other techie companies from going off on their own making their own system. Imagine square-enix made a system that exclusively played their games.
Playstation won't die tho since sony doesn't just make game systems. Its not sega all over again. Sony can stay for the long haul. Aren't they reducing the price of the ps3 in Japan soon?