This is, of course, not what will happen at first. It will take time for the "race to the bottom" to produce this result.
I'll say this though. I don't consider myself terribly ideological on this point, but in practice I probably am. I am not turning over my hearing and my vision to a company, or indeed any organization. If it's not open, I'll play the luddite. It's not worth it.
If your mission is really to improve the world, giving your users access to raw data and freedom in controlling the device is no-brainer. But that rarely happens, because improving human condition is just a marketing ploy. So instead you get cloud nonsense that isn't really designed to serve you.
Most consumer hardware companies (and that includes especially printer vendors) could do the world a big favour by having courage to admit that whatever companion software they'll write will likely be crap, and leave that to the community.
This is a nice idea but it seems to me that in order for this to work well the hardware and software need to be integrated tightly. Even Google Wear seems to be heading in that direction. I could see Ubuntu trying this but they still seem to be trying to get the phone right so it'll be 2020 before we see anything good with wearables. Maybe Google's modular phone project could lead to open/adaptable hardware for wearables and that opens the door for open/free software too.
We are able to run our desktops, laptops and servers (and some mobile devices) almost only on free software. Why shouldn't we demand the same for wearables? Is it even possible? If yes, will this happen? What's keeping vendors back in this sense?