Right now, yes computers are very gimmicky. They're machines that are supposed to eventually make lives easier, but right now waste about as much productivity as they give.
I think the hardware side is getting to the point where it should be, and a key indicator of that is the rising popularity of smart phones and netbooks. We're starting to accept that we can in fact trim down some processing power for the sake of price and form factor.
In addition, Windows 7 has put a very big focus on performance. Vista pretty much fell into the line of previous OSes and kept of the trend of doing more (and getting more bloated in the process) with the reasoning that hardware will keep up. Windows 7 has drastically shifted towards a performance focus and may even run on some netbooks.
In addition, there is an increasing trend towards non-PC devices such as cell phones and non-standard inputs such as touch screens. Multitouch especially appears to be something that more devices will be doing.
So IMHO the hardware trend may start to break a bit from Moore's law, and a new trend may be beginning. The new trend will likely be what I like to call "invisible computing." While I do not believe the standard tower is goingto die, I do think it may be supplemented by more devices with different form factors and more specialized tasks.
For example, imagine a slate like device on the side of a fridge - where anybody could create a grocery list (possibly including the fridge itself, via senors and previous shopping lists) and then the person buying groceries could download it to a cell phone that could referenced and crossed off at the grocery store.
Smart phones are already doing a lot of this "invisible computing" - they are essentially PIM devices, replacing datebooks and calendars.
I do not believe larger form factors are going away. People will always want a machine with a comfortable screen and keyboard for work. People will always desire high powered devices with large screens for entertainment. Families will always need separate work and entertainment machines so that some people can work while others entertain themselves. So IMHO there is still a place for PCs in the new world of "invisible computing."
Or at least I hope that's the trend. I've got no personal interest in climbing some sort of eternal ladder of power while forgetting that there's more to simplifying and automating our lives than just processing power. IMHO it's time they started being useful and practical, not just toys.
I'm finding more and more that my biggest complaints about PCs are totally unrelated to processing power. They're related to synchronization. How do I sync my software so I get the same thing no matter where I go, be it at my main PC, my netbook, or my Palm T|X?
Right now, I'm looking for a <$20 way to sync my contacts, TODO list, and notes between my PC and netbook. Email and calendar are easy - there are a gazillion products for those. But they always seem to forget contacts, TODO lists, and notes. I just don't understand why nobody has taken the time to create a product that willl sync all of the PIM stuff between PCs.
Sorry about the rant - but it does seem that too many developers are ignoring a large need.