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I'm excited about the next gen, but I shant be buying an 8th gen console until I finish uni I suspect, so that's Christmas 2011

Regardless, I don't see any point the next gen being that soon.

For Ninty, why would they when they're making so much money on both DS and Wii
For Sony, the parent company will want the games division to recoup alot of lost money before they spend big on R&D
For MS, it's still too soon, but not by much. I envisage the 720 released in 26 months (November 2010)
For Consumers, It's much too soon, leave it a bit longer, let some of my favourite 6th gen games get sequels and allow technology to advance more
For Apple or any other company, I would still say 26 months as a bare minimum