I think so. These days Katy and Rihanna are doing better commercially/singles wise Of course, I could debate about quality of Telephone but let's not get there.
Of course it will. And let's be honest, it's not like it would be that hard to.
Katy said herself that they won't collab until they find the perfect song. They realize this collab has the potential to be huge and DON'T want to ruin the hype or disappoint. It's been in talks for years now.
If it's released as the lead single of Katy's or Rih's new album, a number one debut is practically guaranteed. (It may not debut at number one if its just released on one of their albums and not used until later in the era)
If it's written co-written by both Katy/Bonnie McKee and Ester Dean, the quality is guaranteed.
If it sounds anything like this (a supposed demo), a multiple week number one is guaranteed
And it's Katy and Rih, so extremely high airplay and downloads are guaranteed, seeing as they are the current singles/radio queens.
If the video is directed by a reputable director and had a good plotline, (and obviously every one is going to watch it) then the cultural impact is nearly guaranteed.
Obviously it's going to eclipse Telephone sales wise easily, but the impact will depend on the video tbh.
The other "BIG" collab between 2 other Pop Juggernauts "Telephone" was a cultural phenomena
1) it's "cultural phenomenon"
2) you know damn well that's a lie, a cultural phenomenon is The Beatles or Gaga herself, not a hit song nobody was checking for after a year. It was a big hit with a cute video but that's where it ends.