They already did in the early 90's (a large partner) in developing the the 3DO. That system fizzled out but it stands as an example to show that EA has done more than publish software and might retry in the future. So let's assume for the sake of argument that EA does release a console in the Fall of 2010 or 2011. I would infer that EA titles would be exclusive to the console and would not be multiplatform as they are today.
What do you think the impact would be? Think of the franchises that EA owns. The genres they own. They own more licenses than any other 3rd party. It's very impressive. How would it do against competition like Sony, Microsoft and Nintendo?
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