Early next year actually sees some of the most anticipated games being released on the HD system for all 3 regions. Street Fighter 4, Resident Evil 5, Killzone 2, White Knight Chronicles and Halo Wars to name a few, all but the last is slated for Feb - March (dunno when Halo War is coming out). I actually don't expect a drastic slump at all.
I have nfi about Nintendo's release but i'm sure it will continue to dominate regardless.