I've never worked in the games business, and I have no major reason to have opinions about it. But I've been thinking about this one for a really long time and I don't see it being fully explained anywhere. So here's my thesis about what's going to happen with console gaming.
One day, Apple will expand Apple TV into an iOS device that can support third-party apps, perhaps renaming it in the process. The biggest reason they have to take this step is the rise of free-to-play (F2P) games. F2P games have made major inroads in mobile and PC gaming, but nobody has taken them into the living room. Apple will be the company to do this, beating Sony, Microsoft, Nintendo, and Valve to the punch. It will give the company a major footprint in the living room, strengthen its position as a distributor of streaming entertainment, and grow Apple TV into a massive new product line.