Actually, it's a console. ;)
As for the ps4, Sony will probably go with a mega version of the Cell. Multicore processors are the norm, so they'll probably create a Cell with a hell of a lot more SPEs than the current one. They'll probably go with unified RAM and a new nVidia GPU. They'll stick with the DS3, refining the sixaxis capabilities, making them more responsive, and upgrading the battery life and blue tooth capabilities of the controllers. They may dub this the "Dualshock 4." They'll probably add more media center capabilities to the machine as well, having built in tv tuners and such. They'll try to release the machine when MS's release the next Xbox, if not a little bit before. They won't want to give MS a head start again.
The next Xbox will be very similar to the 360, though without the hardware problems that plagued it's predecessor. It will have a very developer-friendly architecture, using a standard multicore processor much like the 360. The only major changes to the hardware besides the usual upgrading of specs will be the inclusion of wi-fi, bluetooth, and Blu-Ray. They will focus heavily on improving their Live functionality and Windows media center functions as well. MS will try to get out of the gate first, much like this gen.
As for the Wii 2, it will essentially be Wii HD, like the TC said. They will improve the firmware, online system, etc., but for the most part, it will be very similar to the Wii. It will still use the Wiimote, though a much refined Wiimote with higher sensivity, some added bells and whistles, and some cool new peripherals. This is to help spur new gameplay ideas (much like this gen), while having perfect BC with Wii titles. The hardware will be upgraded, obviously, and I'd say they'll put it about halfway between the hardware of the ps3/360 and the ps4/720. They won't want to make the console as weak as the Wii was in comparison to the ps3/360, but they will still keep the manufacturing costs low so they will have a nice price advantage over the competition. They'll probably plan another "revolution" for the generation after that, though.
@Montana: Who would drop out? After the success of the ps1/2, you know damn well Sony's going to try and do that again next generation. The ps3 was really a sacrifice for Blu-Ray anyway, so many of SCE's troubles were expected by Sony as a whole. As for MS, the 360 is actually doing rather well. They might actually have a profitable gaming division by the end of this gen, so why not go another round?
And Nintendo, it's obvious they aren't leaving anytime soon.







