I could see it working if it was like, say next generation of consoles has a certain standard. Sony and MS both make consoles that conform to that standard, but they have something in em that makes it possible to make a game only work for one manufacturer's version of the console, similar to region lockouts. So you still wouldn't be playing Halo on your Sony console, but for all the third-party games out there, it would be the same version of the game playable in either machine.
Hopefully they'd be willing to allow a single disc to be playable in both machines, so the consumer benefits from this and not just the developers. But at the very least you wouldn't have to worry about games like Bayonetta where one version is vastly inferior to the other.
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Black Turtle spilled my diet soda!