Spot on, but pretty obvious IMO. I agree when he says that its not what device will replace another, but that we will have many devices for many purposes. This is directly analogous to my assertions about the mission of a device.
Years and years ago the thought of having a computer was such a pie-in-the-sky dream that the thought of having many was laughable. Now we use them for a bit and throw them away ... as it should be. Read, the iPad as toaster. I like it, use it till it breaks or I want another color or feature. Simple.
The thought that anything small and handheld would replace the desktop PC is pretty laughable to me because the mission of the device is so different. I'll not be so bold as to disagree that SOMETHING may replace the desktop PC someday, but it won't be a smartphone. Or a notebook, or an iPad. Don't know what it will be, if it ever is ... But it won't be that.
And yes, ITTO, i am of the mind that it may well be cloudy tech. I don't think any of the clouds you've seen today are really ready to completely replace (and there's the bandwidth issue as well) ... But that's only because y'all haven't seen Nuts and my cloud yet