This article makes an odd, meandering case behind such a direct headline.
The points made are true of trends in the game industry in general, but in no way intrinsic to consoles.
He seems to want to equate a peak in console sales to death, but invokes properties (WoW, Farmville) which themselves have also peaked in doing so.
I expect the the popularity of carrot dangling non-games like some of those mentioned to die off long before consoles do.
It's true that both MMOs and F2P "games" will probably die before consoles. The problem is that Microsoft, Sony and Nintendo aren't adaptable enough and so the money is going to the platforms that have less restrictions. If new ways of selling games to customers appear, Sony, Microsoft and Nintendo need to have a business model and a platform that will support it. They can't keep basing their businesses on selling Call of Honor: Medalfighter 4 for $60 and expect to survive.