No once console hardware is designed, its basic functionality is locked in until a completely new replacement is designed.
And with current consoles running all functions via a hypervisor, we're not likely to see complete access to functionality anyway (probably about the time they're ready to be replaced).
With regard to on-die consolidation, I rather meant that if it offered no benefit to a PC user, then it would present some disadvantages.
Again, with what AMD is proposing, I can see a clear advantage in performance rather than just a lowering of costs.
If PowerVR has advanced as much as you've pointed out, perhaps some of Intel's on-die projects will feature it.
Hopefully, we won't be forced in that direction with PPCs until an advantage to the user is present.