Glorious Smartphone Gaming Master Rac... nah, just joking. Smartphones are not master race, but they don't deserve the kind of hate they get.
Like it or not, smartphones and tablets WILL become the future of portable gaming. And saying mobile gaming doesn't make money? The recent Humble Bundle says otherwise. Believe it or not, some of the most innovative and experimental games have come out for mobile devices. This is simply what happens when you have free SDKs and a low barrier to developer-entry. There also a great platform for indie developers, second only to PC.
Smartphone are already able to produce graphics exceeding the PS Vita, and in terms of raw power, they're 27 times more powerful than the 3DS and 3 times more powerful than the PS Vita. Android now support OpenGL ES 3.0 and Apple has begin adopting 64-bit CPUs.
Do portable console expect to survive in 6 years, when smartphones and tablets exceed the power of HOME consoles?