George W. Mitchell's quote was pretty much spot on considering the context of the time, he was basically describing an internet connected pc which was communicating with servers somewhere that do the real computing. Now obviously even the cheapest netbook has more computing power than anything he was thinking of at the time, and your average gaming computer is vastly more capable of computing than what the home terminal he was envisioning was, the fact of the matter is that we're moving more and more towards the thin client model where the majority of your computing is done in the cloud. Hell, I'm sitting in front of a macbook pro that could tear your face off but I rely on the web and a remote server to run my word processing software.