Does this mean they would not release a new console until 2016 or they will come out with PS4 before then  and support PS3 until 2016 just like they are doing right now with the PS2. What are your thoughts?

They usually make it sound like the ps3 alone but it's usually like they did with the ps2

The PS3 will be supported till 2016 or beyond. I seriously doubt they will wait till 2016 to release the PS4. That'd be close to suicide.

^^ ...wat dharh said

hopefully its supported till 2016 and beyond

It means the PS3 won't be OFFICIALLY discontinued (stop manufacturing) until at least 2016. That doesn't mean there wouldn't be another product to replace it before that, just look at PS2. The PS2 is going to be 10 years old on March 2010, and I doubt they'll stop producing it next year, it's very likely the PS2 will last longer than 10.

That's the thing, they don't define it. Without that definition, it's pretty much meaningless which is what marketing people want. They want to declare victory no matter what the eventual outcome is.

I think it means sony will support the console for 10 years...
thats why sony is not ditching the PS2 yet like microsoft did for the Xbox.

It means they will continue to provide games and support for the PS3, and continue to manufacture it, until 2016. Obviously, a PS4 will be released before then. Waiting till 2016 to release another console would be suicide.

PS4 will come later then PS3/PS2 did.

Better have UHD, 3D and a 10 TB hdd.