I don't think consumers are being reeled in and held by one or two specific sources of media and then miss out on other sources or feel that can have this but not that. The trend, now more than ever, seems to be that people consume media from a number of different sources and as they grow older they end up expanding to an even larger source pool... mostly because as people get older they become financially independent and can buy the media for themselves.
Everyone is going to spend money (piracy aside) on all of these different sources and the big thing that all of these different sources have to worry about isn't about capturing an individual so that they feel that they should only buy their specific product and ONLY their specific product, it's more along the lines of capturing their attention during specific moments... because throughout the year, that same person will end up spending money on console games AND PC games AND movies AND other things. So the key is to make maximum profit from the sale that they do get from that consumer who is consuming media from those multiple sources. This doesn't mean they'll buy less console games or less PC games in favour of a different source, it'll just mean that they'll buy MORE media overall.
The real challenge console manufacturers face are the developers themselves and who they choose to support based on various factors. We've seen this play out before with Nintendo and Sony as I mentioned before and also what happened with EA and the Dreamcast... As Steve Ballmer likes to say "DEVELOPERS DEVELOPERS DEVELOPERS DEVELOPERS..." which is why Sony is the power it is today and why Microsoft was able to become its own power. Sony was able to grab the developers that Nintendo alienated and Microsoft threw money at various developers and bought out others.
This is also very important when we talk about exclusive games since exclusives can become system sellers. Take Monster Hunter in Japan, Sony had it but then lost it to Nintendo and boy has it hurt Sony in Japan. Back in the day both Nintendo and Sega battled each other for third party exclusives and better versions of multi-platform games on their systems, and that trend continues with Sony and Microsoft today.
In terms of these new challengers appearing, the question that I've asked in this thread in previous posts is very relevant because I think it's what most people will be asking themselves. What does games does this system have that my current console and/or PC doesn't have? Why should I get this system if I already have stuff that can play video games right now?
I don't think the answer is "because you can get cheaper games on this new system" since scores of people around the world seem to be perfectly happy paying a premium for their games.
So yeah, I think we're looking at this from the wrong direction. Doesn't matter what the consumers are doing, doesn't matter what the console manufacturers are doing, it's about what the developers are doing.