Are people really thinking it'll be switch-like? I would be astonished if that's what they go for. My expectation is that it'll be used for specific limited functionality (like the speaker in the DS4) such as inventories and minimaps - stuff that doesn't require rapid/frequent changes in the display content. I wouldn't even expect it to be large enough a display to make something like in-home streaming worthwhile. (ie: game from another room while someone else uses the TV)
This is another place where I don't see why 5G would be the logical choice. Being VR it would need to be a direct point-to-point connection to the console to minimise latency, rather than passing through a cellular network and connecting back to the console over the internet. I would expect something proprietary to make better sense for this purpose.
I hope you're right - both of the above would be amazing - but I would be incredibly surprised if things go that way.