The scripture in revelation where satan is thrown down to the earth highlights the writers ignorance in respect to the universe. The total of his understanding was that there were 'heavens' where the angels lived and 'earth' where humans lived. It's one argument against revelation being inspired by God because as trippy and far out as revelation is there isn't any great wisdom in there or anything an old dude in the first century couldn't have just concocted one night after eating too much cheese.
A better destiny for satan, rather than the earth, would have been that glass prison thingy from Superman 2 that Terence Stamp and his two mates were trapped in. Just have to make sure there were no nuclear explosions in the vicinity.