I think it's at the end of its run right now, and when the Wii U launches, it will be the start of the next generation. That will be when we see the newer standard of gaming, and if the next generation Sony and Microsoft consoles are much more powerful, that would be where the clear distinction would be. Personally, I don't think they will do it due to costs. It may be more powerful, but it wont be another Wii vs PS3/360 deal (I hope).

Yes and no, there's still circa 20 games coming out that I want and a bit of backlog, but if the Next-Box launches I'm jumping ship.

The next-gen and current-gen consoles will live side by side for a while though.

The Last of Us
The Last Guardian
God of War Ascension
Beyond Two Souls
Bioshock Infinite
GTA V
Final Fantasy Versus XIII
Tomb Raider
Crysis 3
Dragon Quest X
Gears of War
etc.

The generation may be over for you but definitely not me. I don't understand the rush to pay for expensive new consoles especially when the first few years of any new platform aren't that great.

Personally, I would like to try out the Wii U tablet accessory.  I don't particularly care about moving on to the next generation since I care more about the quality of the time I have playing the games.

Hell no! The PS3 is only halfway its 10 year cycle...

Yes, pretty much over. Come on 8th gen!

PS3 is 250 USD not 300. Also, wait for the holiday sales. I know they will be awesome. Last year we had 199 ps3 with LBP 2 and R and C All4One and several other great bundles for 200 dollars. I think the 360 even had a reach and fable bundle along with so many kinect bundles. Just thinking about Black Friday makes me salivate. From now on I'm buying all my games then because they are usually half off even if they are relatively new. BF 3, Assassins Creed Revelations, Deus Ex were like 30 dollars and Uncharted 3 was only 40.  They also usually have freaking awesome deals on greatest hit esque games. Nintendo had a buy one get one free or something like that. So many great deals. I have only bought Mass Effect 2 and psn plus this year and will only buy games from now on(unless I really really have to play them like Fire Emblem, Last of Us, and a few others) on Black Friday.

Nope this gen still has another Halo, GTA, Resident Evil and Final Fantasy, Assassins Creed, Metal Gear in it yet.

Yeah Black Friday deals are great... it just kinda sucks we only really have one chance a year to get these consoles at a reasonable price. I went to Target today and was going to buy a 360 with 250GB hard drive + Kinect + Star Wars, saw it was $399 and crapped by pants. $399 is what I paid for my old Xbox 360 launch day! Can't get a 4GB cause last time I had a 360 I filled up my 120GB hard drive and that was in 2008.... So now I have decided just to wait til next generation cause when Black Friday + Holiday sales hit that's when the Wii U is coming out.

No way man, it ends when I get bored with my PS3, and I've only had it for a year, so just wait a little longer. Maybe I'll get bored with it in like 5 years or so