There are many hurdles to seeing this type of phone completely replacing all PC's and laptops, as you claim.
1. You understand you would have to see docking stations become ubiquitous AND standardized. Good luck with that. Each manufacturer will want theirs to be proprietary. I guess you can just carry your docking station with you, and hope wherever you are going they have extra monitors, but how about the small-business person, who is an increasing share in the laptop market, who needs to tweak the presentation a bit before the plane lands. Ever tried to do that on a smartphone? I have, mostly cannot be done due to functionality of the programs you can run on a phone.
2. You understand the programs shown in the video are anything but "full-blown" versions, with the possible exception of the OS. This is because a smartphone even with dual core just cannot process the way a laptop or pc can. The power just isn't there. No matter how much you like your new Smart Car it still doesn't have the power of my 'Vette. It just doesn't. Not to mention the RAM to run multiple instances of full-blown programs. Viewing and editing/building a spreadsheet are 2 different things entirely. Don't get me started on access and powerpoint.
3. You understand that programs and files require space for storage right? My dad (I use him for an example because he is aging yet uses his computer daily and is anything but tech savvy) has probably 500 gig of multi-media ON HIS LAPTOP. He doesn't want to move it all to something else, or a subset of it, when he can just take the laptop with him. So how are you going to carry around your multi-media (videos, pictures, songs, etc.) without the storage. Let alone storage for full-blown programs. 1000 songs is one thing. 1000 songs, 50 videos, 100 episodes of tv and 1500 pictures is something else entirely. And programs. See that is the problem with throwing "full-blown" around. It takes lots of memory to store full-blown programs. The memory just isn't there.
4. You understand that the "basic" PC user is getting braver and braver right? Adobe announced record sales of Premiere and Photoshop Elements for 2009 even in a down year. The demand for high-end software is going up, not down. It will be a very long time, if ever, that a phone is powerful enough to handle this type of software. My wife even shook off her fear of tech and started using Photoshop recently.
(got tired of numbered lists)
Also, yes smartphones are outgrowing laptops. The funny thing is laptops are still a growing market. Just not as fast. Smartphones are growing fast but why? Is it because every single consumer who buys one is hoping it turns into their new laptop and replaces their PC? Doubtful. Most people I know with a smartphone got it because it is cool and plays apps. They also got great deals and most of them have last-generation phones, sales for which outpace the newest phones. So you are over-inflating the market segment that would be adopting this technology to replace technology they already use (PC or laptop).
See I am not arguing that smartphones are not getting smarter. I am not arguing that they are not getting more powerful, or more popular, or more functional. I am not even arguing about the fact that I am also an early adopter and want one of the new phones the second it comes out. I am arguing that we are a very very long way off from seeing a phone that will replace a PC even for the most casual PC users.
For casual users especially they will not be able to see a need for a high-end computer phone when their neighbor's PC he has outgrown is available to them for free (I know plenty of people who compute this way...and look at the used computer shops). And most really casual PC users I know don't have or want smart phones. See the two kind of go hand-in-hand (not a 1 to 1 ratio but not far off either).
You will see early adopters (of which you are obviously one, as am I typically) but it will take a long time for PC's and laptops to fade and in some segments (business for example, power gamers, video/photo editing buffs,etc.) they may never go away, simply because a larger form-factor lends itself to more power, and software engineers have shown they take full advantage of increases in power and storage.
So I am refuting the title of your thread, that is the argument. No, phones will not replace PC's any time soon. You have done nothing to convince me otherwise.