ehh the 7th gen is definitely on it's way down, but it isn't quite dead yet!

a year from now will be a different story though

This gen doesn't die until sony says so

A generation doesn't die until there is a new generation out.  If it were to happen, that a generation dies off, without the next generation to come along, then one can argue the videogame industry itself is dead.

As far as anything else goes, the economy is still struggling along and people don't just have money to throw about.  This time of year is usually weak on sales anyhow.

It's dead to me. If GTAV comes out this year,then it will be the last game that I ever play,as gaming is becoming redundant to me.

I think this year should do fairly well, still got a fair few quality titles releasing.

I'd say we still will see some 15m Wiis, 20m X360s and 30m PS3s being sold.

So... yeah, sort of.

Pretty much my thoughts as well. There's still plenty of room for price drops.

I think that this year will still be a good year for the HD consoles. A price cut will come but i don´t see that having a great impact this time. Consoles have been out for so long and prices are still so high, that probably a lot of people just bought them at that price.
Regarding games, i don`t see a lot of BIG games coming. All i see is Halo4, COD, Mass Effect 3 and GTA. And Halo and COD are releasing september (Halo, as usual) and November (COD, as usual).

Next year will be worse. Wii U will begin to gain steam and will probably see the release of a good number of good - great titles - like they did in 2007 (MP 8, Galaxy, MPrime, Fire Emblem, etc.)
And i just don`t know if Xbox 360 and PS3`s prices will be so low as to not compete with any newcomer in 2013.

...but it is the first language in the country that the person I was correcting is from.

This gen will be alive at least 2 years into next gen

The "HD" consoles still have big pricecuts and swansong games to come, Halo 4/something not announced for 360 and The Last of Us/God of War 4/The Last Gurdian/FF v XIII  for PS3