Something like it probably will be one of these days, only it won't be Microsoft and then we'll all wonder how they dropped the ball on something they had a 5-7 year lead on. In this case, they had both the idea and the technical execution... epic fail on getting the product out there to a place where economies of scale could bring the price down far enough to make it viable for the consumers.
Why does it have to be in consumer homes to be a success? There are many Pixelsense devices out there right now in museums, libraries, and schools. Even the ones that aren't official Pixelsense devices (the ones made by Samsung) are often running software built on the Surface SDK.
Consumers aren't the only market.
Oh, it'd be cool, no doubt. I'm just saying that the experience you want is already possible now.