Will the smartphone eventually replace our desktop?

Will the computing capability of smartphones reach the point where these mobile devices will replace our desktop?

Right now, you can get smartphones that are running 1GHz processors. That's faster than some of my laptops! So many of us are computing when we're mobile. If you're mainly checking e-mail or browsing websites, you can easily do this on a mobile device. Attach that mobile device to a large monitor and if you add a keyboard and a mouse, then maybe you'll be set!

Whether you're mainly computing on a smartphone or a slate like the iPad, you may find yourself using your desktop less and less. As this trend continues, maybe the desktop will server primarily as a storage device and less as a computing device.