Actually, hardware has just caught up to allow full OS's in small packages. The Asus EP121 is the first example. A really powerful computer that in tablet form. Sure, the battery life is only 3-5 hours, but this a Windows 7 system. With the Sandy Bridge processor you could get 6-8 hours out of it. Meaning we will finally tablets without compromises. Great for work and great for entertainment. I would rather buy something like that, that can function as a real laptop replacement and is a much better media device than Android or IOS can ever be. I have enough devices as it is.
So the tablet factor will live on, but those giant "phoneless" phones of today will be like the PDA's of old --- destined to die out when better hardware for real computers becomes cheap enough.
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