Ideally, most of the functionality of a smartphone will be realized in a watch/bracelet. Then, you could just access your data using various cheap dumb-terminals (e.g. tablets and phones). And, by "cheap", I mostly mean something that you could afford to lose since it wouldn't need to have a large cache of your data to be useful.

In other words, we're still keeping the consolidation, just moving it to a different place.