Interesting.
When Dragon Quest IX, arguably the most popular RPG series in all of Japan, was announced for the DS, most people saw the writing on the wall. The fact alone that there hasn't been main stream SMT title on an "HD Console" should be enough to prove that those here chanting the hand helds are the way of the future aren't wrong.
Still, regardless of how convenient RPGin' on the go is, there are certain things that handheld consoles cannot do, specifically in reference to production values. Take a game like FFXIII or hell, even DQVIII. Complete and total voice acting for upwards of 30 hours (eh, recent games like FFIV have shown how rapidly this gap is closing however), top tier and beautiful graphics as well as sweeping orchestral scores.
To be fair, you can't judge a book by its cover. Graphics and voice work don't make the game (titles such as SMT 3 or DS2 prove this), especially in reference to RPGs. To those that love the trend of portable RPGs, congratulations. There are just as many that love RPGs on their HD Consoles.
That being said, I'm looking forward to Strange Journey, come what may.