While it may not be probable, I do hope that Blizzard decides to go with console versions of the game. I definitely think it could work; the failure of d2's console port has little bearing on what is now possible. It seems like they are already making d3 a more accessible game than previous installments, in addition to the fact that they would obviously pour much more money into something like this. D2's rpg components are also pretty simple in comparison to a game such as Oblivion. Inventory, attributes and skills could be easily implemented into a console version; and I believe the gameplay could actually feel more satisfying (albeit possibly more difficult) with joysticks. Admittedly, inventory management could be a bit slower on the console version, but if everyone on the console versions are playing with each other, nobody will be able to tell the difference. The only problem I foresee (which is a pretty big problem) is implementing a battle.net type interface on consoles. This is what may have to be dumbed down into a matchmaking system, however as long as you can join your friends, I think it would still be fun.
