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Slimebeast said:
No.

The Xbox 3 will be released in Nov 2011.

This gen's one year head start was a huge success for MS. Of cause they will repeat it.

Think about the competitors, though. 

Sony is committed (as far as we know) dto a 10 year life cycle for the PS3.  And the lack of profitability so far in the gaming sector would likely put off another console release for a very long time.  2012 would seem early for a PS4.

Nintendo ... just broke records for console sales in North America for one month.  With no price cut.  For what reason would they release another console anytime soon?  Last time they were in the position was with the NES, and they waited for 2 years after the Sega Genesis to release the Super NES.  At this point, they have NO incentive to release another system anytime soon.

And I imagine the next Microsoft console will fully embrace digital downloads (DD), based on comments by several industry execs.  With services like Verizon's FiOS gaining traction, super fast download speeds will be key to the success of DD.  But its not happening soon.  Probably not 2011 soon.  I imagine that MS will time the next console release on projected expansion of fiber optic internet services.

Also, the price of the 360 has not hit mainstream appeal (only one SKU has, and not the main one).  Profitability hasn't yet reached its potential either.  And with the likelihood of either competitor releasing a console before 2012, I just don't see them releasing one before then.

Plus we still have to see Mass Effect III, Halo Chronicles and thread titilar Gears of War 3 released.