No it won't. PC gaming will never die. There are a lot of honest gamers out there that simply refuse to play certain games on consoles, mainly because they are unplayable past a certain point. FPS games work on consoles, but it is impossible to play as good on a console as you can on a PC, so the serious FPS gamers never play console. RPGs/RTSs/RPGs play on console, but you can't mod them, which for some games makes them unplayable (bethesda without mods is pretty bad). The crunchy strategy games simply don't hit consoles at all. Best you get is little disney land versions of them like Civ Rev. And then there are MMOs. They may eventually get serious console releases (Dust 514 will be worth watching), but for the next 5 years at least I doubt you will see any major shift.
Oh yeah, and then there's the fact that the PC is a completely open dev environment. ANYONE can make a game. No licensing is required. This is where gems like Dwarf Fortress or Mount and Blade come from. PCs offer more free gaming potential than consoles ever can.
I'm sorry but DRM won't kill PC gaming. It will hurt the major houses that put out inferior products, but PC gaming isn't going anywhere.