Your assumption is valid and who knows, APS or 4/3 may become the standard for the next century. But by then probably another term instead of FF will be used. Maybe micro FF or something.4/3 is a different standard in which a 25mm lens is closest to the human vision of view, just like 50mm on the 135 standard. Because of its history, the 135 is still considered the key standard in photography. One day, if 4/3 and m4/3 becomes more popular and the key driver to this industry, then everything else may be pecked to this standard. If you have been in photography for long enough, then you will understand differences like Din and ASA until such standards were standardised to ISO. Will 4/3 become the de facto standard in future in the DSLR industry, will remain to be seen. But who knows, maybe, 4/3 is the way to go if it can prove that the total system package in terms of size, weight, cost and IQ can beat the 135 standard. Who doesn't want something of equal or better IQ that's smaller, lighter and cheaper?
But for those insisting FF is not necessary 135 are deluding themselves and not keeping up with times of digital lingo/jargon associate simply with comparison against an established standard the world is talking about.
By all means you can call your P&S FF, people will just laugh off their toes until such time when the jargon is known otherwise.