Another thing he is wrong about is "moore law of bandwidth": it does not exist. While CPUs are getting faster and RAM is growing like crazy, bandwidth is not growing. In fact I am starting to notice an annoying trend of businesses running on slower and slower connections.
But his thoughts on parallels between terminal/HTML transition to Windows/FancySDK are cool nevertheless. He may not be right about everything, but something similar to what he's talking about sure will happen.
Steve Yeggie blogged about inevitable "Rails for the Client" some time ago. Similar idea but expressed in more technical terms.