I think the examples you wrote is why this generation is going to last longer then the standard we are used to. I think we'll see Microsoft bring out a new console christmas 2013 and Sony to follow in 2014, technology just isn't advancing at the rate it has in recent history.
Equally, on one wants new consoles. Microsoft are waiting for a return from the Xbox, PS3 has dug a huge hole in Sony and developers and publishers alike are still waiting for the PS360 to really be the money makers they will be once costs are at where they should.
I'm not convinced graphics are going to go much further any time soon, it's becoming more and more nishe and with what the Wii's done, nowhere near as important. If there was only one console in the hardcore market HD type competition I think we'd see either Sony or Microsoft go down that route, with Nintendo catering to the mass market. As long as there are two competitors in the HD arena though, I can't see it happening.
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