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It depends on when it comes out. If it doesn't come out till 2012, then it will be more powerful than any of the current gen systems, will contain a HD drive (likely Blu-Ray at this point), and enhanced motion technology.

By then I would guess MSs next system would be out also. I'm sure it would have more "power" than the new Wii, but it won't be as big a difference as this generation.

As for PS4, no idea when that will be coming. I would doubt it would be before 2014.