DalekFlay The first isn't worth pursuing because most people with practiced analytical skill (professionals) don't work as gaming journalists and most coverage of the issue is affected by fanboyism and click baiting. With a lack of real good data and analysis, the argument can only be perpetuated within limits.
Its true that the overall size and growth of the gaming market might preserve the status quo indefinitely; if PS4 and Xbox One had been forced to make stride in console graphical capability comparable to the leap from PS2 to PS3, they would have hard a much harder time going forward; that graphics have hit a plateau this generation worked in their favor.
However, the success of Blizzard/Actvision games has led a propagation of notebooks by the tens of millions, and the existence of Steam has led to the emergence of a market casual gamers on PC who want to be able to play huge libraries of games on those notebooks; in that way, the plateau in graphics works against consoles in the long term, in that it gives processing circuitry in laptops a chance to catch up (which they nearly have).
Of course, consoles have an ingrained place in the market and useful functions in their own right; however, those functions aren't strongest apparent in the PS4 or Xbox One.
Another thing is that the console market can fail globally because of losses in key markets: Europe is fundamentally a PC culture, America could flip back to being that way, Asia has a huge Internet cafe culture driven by Starcraft/League of Legends/WoW, etc. Even if a console can sell 80,000,000 in lifetime sales, not being able to sell 10,000,000-20,000,,000 in the first 2-3 years because of weak core markets is huge on the overall productivity and focuses of the game industry as a whole.