Some excellent points brought up thus far. Handheld gaming does seem to have a quicker turnaround in the emulation scene than the home consoles. I don't see this changing much because the market for handheld gaming is huge. I think the console generation following the current one will be even more cross platform than the current one. All the developers/publishers see the profits from releasing their games to every major console, and allowing one to pay a premium for a timed exclusive release. I believe the next consoles will push for online distribution.
The PC folks would benefit from this. The consoles could have their exclusive release, then after some time, release it for the PC. The system would most certainly require the game to "phone home" before each start, but that's the secret to Valve's Steam success. It just makes more sense that major consoles should make it easy for developers to develop for their hardware platform. If developers could code using traditional code, ie C++ or .NET, then give them tools similar to Microsoft's XNA to make an easy port then... well it would just make sense. Consoles are becoming more like PCs and more complicated. The PS3 is suffering because the big titles are still delayed. Sony does not want more delays like this when their next console launches.
In short, you'll never see Mario on your PC, unless to emulate that console. Third-party developers I think will not pass up an opportunity for more sales across multiple platforms, as long as it's locked down to squash pirating.