Simple answer: No.
While online games are great fun and all, Home Game Consoles have come a long way from being simply that. Most consoles now offer the ability to go online themselves simply for the purposes of gaming, or in the case of the Wii, much more. They also allow movie and music playback, custom avatars, and higher quality games than that available with online gaming. The people behind console gaming are keeping up with the times, and because of that, they'll be around as long as Onine gaming.