I believe it’s just a matter of time. This IS going to happen. Once battery technology catches up, (or some other technology capable of powering ultra-portable devices is developed), we will see smart phones or another ultra small formfactor device become our “brain box”. These devices will be about the size of today’s smartphones. They will come with different options like built-in micro LED projector (http://www.projectorpeople.com/projectors/pocket-projectors.asp), laser projected keyboard (http://www.thinkgeek.com/computing/keyboards-mice/8193/), built-in digital camera, etc…
These devices will not necessarily BE phones. Although, like today’s smart phone, there will be devices that have phone functionality or visa versa. These devices are the laptops of tomorrow.