Nope. I can see where he's coming from, but it won't happen for digital distribution reasons alone. The PS3 is already set up for just that, in any case. Its really the 360 that isn't there yet, since the HDD is not required, and doesn't even come in a decent enough size to allow for lots of DL content (yet). You can slap a huge HDD in a PS3 whenever you want though, and it even doesn't void the warranty.
Sony is in the best position to do a "true" generational upgrade. The Cell is very easily upscaled, and devs who have sunk money into making PS3 engines could very easily make the step up to more muscle with a Cell successor -- giving a would-be "Cell2"-based PS4 a huge opening advantage, in terms of software.
MS cannot simply add more cores and upgrade -- its not that simple. The Cell is designed to scale in a near linear fashion, whereas a standard multi-core architecture cannot. They would normally have to let the 360 run its course, since its sorta unlikely that BC will be possible with the next iteration of MS' consoles... except... MS wants to be Nintendo.
The next XBox won't be much of an upgrade over the 360 (IMO), and thus, there's not a big issue in getting it out the door. A quad core PPC maybe, with a better GPU and more memory, built in HDD or SSD... voila, next XBox. I think this is honestly MS' plan, and I don't think Sony wants to go to Nintendo-land as badly as MS does. They will bide their time, and make a true successor to the PS3, and the PS3 will stay on the shelves for the long run, despite a moderately more powerful, all-digital XBox720, and probably not-as-powerful Wii HD. From this point forward, the whole idea of console "generations" is out the door, IMO. That will be the long term effects of the Wii, with regards to hardware anyhow.
Apple is really the company to watch the closest. They definately have the highest "disruption potential" at this point. A new Apple digital-only console could rock the console world sometime in the near future.
