there will always be a niche for console games. Sure, the PC will be more powerful than the PS4 not too long after PS4's release, but PC games are somewhat generic in nature. Developing for a console allows said developers to know exactly what hardware everyone is dealing with and tweak the crap out of everything.
Biggest problem I see with PS4 going to x86-64 is the DRM. Once it's cracked, you'll be able to play the games on your PC, probably without an emulator! They had better get it right this time...
Just broke my personal record for number of consecutive days without dying!
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