Hell, no. Fanboy wars are fun to watch.

Nope, competition is good.
Developers should stop whining about it and deliver.

Monopolies are bad when it comes to video games. There needs to be at least one competitor to stop the main guy from abusing his powers.

One console generation? What good can that possibly serve? No thanks, I don't see any advantages (yes, you wouldn't have to choose, but I like having choices).
The amount of crap on this one console would be staggering, to say the least and shovelware companies would thrive like never before, perhaps damaging the industry as we know it beyond repair.

A one console market and lack of price competition would lead to higher prices :(

I'd love a Sony/MS alliance for their next gen console! Honestly, we (PS and 360 owners) have the same gaming priorities. Honestly, wouldn't be great to play god of war, uncharted, halo, gears of war, alan wake, killzone and so many others on the same console?

The competition has always brought out the best games by first and second party devs. Sony's determination to beat the Dreamcast brought us some top notch games at that time. Sega's hopes to stay alive saw some of the best arcade to console translations ever and some stellar gaming.

This gen we have seen Gears, Killzone 2, Little Big Planet, Halo, and other top tier titles that are the direct result of each console trying to best the other. Without the competition, these games most certainly wouldn't be the level they are at.

We also wouldn't have $500-800 hardware sold at a significant loss, either which benefits the consumer greatly in their purchasing power.

No, competition makes devs make good games. :)

Im not sure how Nintendo is targeting a different market, as the OP says. They added them to it, but there are still a lot of us old school gamers that have been playing probably longer than he has been alive. There will always be the core market who lives for Zelda, Metroid, Starfox games. Its still a very big market.

As a one console market, I say no. I say more options need to be made. Most people are sick with one of the big 3, and a 4th party would be viable. What needs to happen is an end to non-1st party exclusives. A fair trade agreement of sorts needs to intervene and require 3rd party games to be made for all consoles. No more Final Fantasy, Resident Evil, etc only on one 2 of the consoles - it should be made available to all markets, even if the developer has their hand forced into it via trade laws. 3rd party exclusives are unfair to consumers.

A 4th console is unrealistic. Last gen, we had the DC, PS2, xbox and GC. We know what happened to sega!