I rule out that it could still kill the console, but it has a future, and a promising future. We need a better internet connection worldwide for this to happen. Once this happens, we can say that cloud gaming will definitely kill the console.
If physical games are done, I'm done with gaming. Cloud based gaming is stupid IMO, you have to have a good internet connection and even then it's better to own your games than stream them. I really hope cloud gaming isn't the future.
Cloud gaming certainly relives you from the compulsion to own high performing computer or consoles but you still need high speed internet. While I see cloud gaming becoming more popular I do not think it will kill console.