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Groucho said:

22nm isn't happening anytime soon, in an affordable fashion. Its a new fabrication tech... its not going to become cheap enough to be feasible for a console until well past 2013 I think, maybe later.  I wouldn't put 2016 out of the question.

 

32nm is perfectly fine for a much more powerful console -- one capable of actually doing 1080p games at 60 FPS, outside of racing games (which don't have to deal with skeletal animation, and usually have weak, or "smoke & mirrors" environments).  Industry demand for new consoles will probably call for them before 22nm is really ready for the average consumer.

 

On second thought, this is probably true.