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I think it will replace some communications and a lot of multimedia functions, but one thing people never seem to take into account is size. Screens, keyboards are just too small. For awhile cell phones were getting smaller and smaller til they were dang near the size of a tic-tac box. But those have all disappeared for the most part, and the sizes have started to get a little bit larger to fit a larger screen. Things like games, like MMO's for example will never be played on on stuff so small. A player on something like that would be at a great disadvantage.
All that said, if the technology with the cell phone projectors and virtual keyboards continue to skyrocket, I could see it possible.