Certainly with dual/quad core chipsets, we are close to or past the power of the Wii and if there was a better industry standard around such things you could even create a kind of built-in "meta console" platform within TV's. Then you don't even have to buy a separate device, your TV just plays games as long as you have a controller. That would probably sell more HDTV's than 3-D TV technology would.
All I know is if you can get an ARM chipset that can reliably spit out 720p games at 30fps with reasonably good quality, built into a TV that had say 10,000 games available for under $10 (I'm looking at you iOS and Android), parents woudln't buy their kids 360's or PS3's. They'd just buy apps that run on their tv.