I disagree.
Web content is what diminishes the strength of the shackles of "TV", chaining people who consume media to their couches in the living room.
Watching webisodes of iPhones on the way to work, listening to podcasts while chained to the office desk, students watching TV they torrent on their computers in their dormrooms... these are the frontiers of the new "TV" experience.
Home theaters with surround sound and hi-def displaces are still going to have their place in the home, although less so due to their expense and lack of multi-use/portability.
It is easy to connect internet to a TV theses days, many people have computers that feed their entertainment needs on their TVS, PS3s have internet browsing on them, but it really isn't as useful as mobile devices with TVoverIP.