Hmmm. I'm very cautious when it comes to rumors. They are likely working on a next gen xbox. 

The only way that game companies will get away with cell phone type bullshit of releasing a new "update" model every year or so, is if enough gamers are dumb enough to actually keep BUYING incremental updates at $300-$500 a pop. If people don't buy them, IE voting with their dollars, then the companies will have to get the message, and quit trying to pull this garbage.

I like the model of having more powerful consoles come out as long as the last system is still supported for a few more years like the PS4 Pro and PS4.

I don't think Sony will release a mid-gen refresh again. I think they did it for VR and to push 4k but I don't think there's be any reason to have a mid-gen refresh. That and the huge popularity of the slim. 

I prefer the model of a generational leap instead of a resolution bump. Pro and X are already taking some of that shine away from next gen. The excitement around pro and x is pitiful compared to the launch of a new gen with a new launch lineup. Plus what's a new gen without bitching about the likes of Ryse of Rome and Shadowfall.

What do you like about incremental upgrades?

You say it's fine as long as the last system is still supported, implying that you won't be upgrading straight away. So in essence nothing changes for you, except that games aren't specifically targeted at the system you have anymore. Neither are they specifically targeted at the new system. So if you do upgrade straight away, you're basically paying a premium for hardware that won't be utilized fully until the next incremental upgrade comes around.

A new gen gives developers a chance to wipe the slate clean. Start fresh, try out new ideas, get rid of legacy code. It's exciting for developers as well to start with new hardware. A lot less so to port existing games to the same faster hardware. Familiarity breeds contempt could be applicable here. Shaking things up every 6 to 8 years is not a bad thing.

I said its fine as long as the older system is supported because thats whats bets for the consumer im all up for upgrades instead of full on gens. i'll be getting the X at launch and the Pro will be my first PS4. Another piece of hardware doesnt need to come out for the current out to be fully utilized. It already takes devs a few years to get as much out of a console as possible and when you look at games like Forza 7 or Horizon Zero Dawn on the enhanced consoles they look amazing.

But when a new gen starts devs still make games for last gen. Look at the first two years of this console gen there wasnt really a clean slate and the developers still showed a lot of support for the last gen consoles. I get as excited for the midgen consoles as i would for lets say the Nintendo Switch. Its a good way to keep pushing the industry instead of waiting 6-7 years to release something new.

In their words it was more for stopping late gen migration to PC.
http://www.playstationlifestyle.net/2016/06/15/sony-hopes-new-ps4-neo-can-keep-gamers-from-going-back-to-high-end-pcs/#/slide/1

PS4 pro is for the hardcore that gets impatient near the end of the gen. The upgrade will give them an alternative to getting sucked in to Steam. PS5 will be a new generation, ps5 pro likely following afterwards, with the same low sales expectations. ps4 pro is selling above expecations even though it's only 20% of ps4 sales. The sales are likely helped a bit by VR, which is one of the reasons I got a pro. But if the pro was intended for 4K and VR, then were is the 4K player and dedicated VR port? (eliminating the breakout box hassle)

It wasn't a clean slate accross the board. However pro and x are getting zero new games for the systems. With a new gen you get both. New games and improved older / established games. HZD looks amazing on the base ps4 as well. No real noticeable difference besides resolution on the pro. You couldn't say that about Forza Horizon 2 on the One and 360.

Bullshit. These companies don't make any significant money from the hardware, the real money comes from the software, so they really have nothing to gain from reducing the lifecycles. The longer the console cycle goes on the more beneficial it is for them financially, as devs get more familiar with the hardware they can make more games faster and that's what makes them money.

Next console is Xbox One X Two