It Came from the Future: 10% of Ubisoft is working on PS4, XBOX720 and Wii2

[SamuelRSmith]

Well, most of the work now would be conceptual and pre-production stuff.

They can then make predictions on what the hardware will be like in 2011/2012 based on PC trends and will probably be working on ultra-high end PCs for the time being.