I agree with you that it would largely be wasteful, but I'm not so sure the consoles are going to make a push for it. They might tout it early on as something they can do, but I could see developers largely sticking to 1080p. At the distance I sit from my TV I don't think I would get much benefit from 4K unless I got a 90-100" TV, and I am someone who has a much better eye for resolution differences than the average consumer. I really don't think 4K is going to be enough of a reason for most people to buy a new TV. The jump to HDTV's not only brought a resolution increase, but it also brought much larger, thinner, lighter, and "smarter" TV's. At this point most people are fairly happy with the size of their TV's in relation to the size of their viewing areas, and I don't think the jump to the ~100" that will be needed for the resolution difference to take real effect is practical for most people.
I would rather see the next console generation stick to 1080p and focus on better AA methods instead of a jump in resolution. I just think about what they could manage on consoles five years from now when they can focus all of the added power on increasing the graphical quality and physics instead of throwing most of it at a resolution that simply won't make a difference for most people. 4K makes perfect sense for PC gaming at a desk, but I just don't see it making sense in the console space for many years.