The previous cycle was very long. And it produced the highest revenues for the video game industry ever.
Smartphone gaming has its purpose, but even if the tech eventually matches, the practicality of playing a game like The Last of Us or GTA on an iPhone just doesn't lend itself to the same appealing gameplay that consoles and PC can.
I played GTA Vice City on PS2 and tried the iOS version. The iOS version is unplayable. Touchscreens don't work.
And quite frankly, I'd rather play them on a 27" - 75" screen instead.