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If that's the case, then he doesn't actually mean that this is the last console generation. But what he's saying is that this is the last change we're going to see in standardized hardware for a long time - and he's wrong. The industry cannot be allowed to stagnate, not now of all times.

He does say this is the last console generation. Now, unless you want to say that he's suggesting that the Wii isn't new hardware either...?