I think it's basically up to Epic when the next generation starts. As things get even more advanced, the next Unreal Engine will become even more necessary for developers, and many will have to wait for it's completion before going forward.
Do I think the PS3 can last 10 years? Sure. In fact I think the 360 and PS3 will have a great third party lifespan past their next consoles' arrivals for one reason. There is a good chance that the next Nintendo console will be similar in power to a PS3, so as new games are developed for it, they can then be downported to the PS3 and 360, but with different controls. The next Nintendo console will help keep the other two alive and kicking for a little while longer. However, both will have successors before the 10 year mark. I don't even think it's arguable.
Tag: Became a freaking mod and a complete douche, coincidentally, at the same time.
