I think that in the next generation, it will be more of a joke than anything else.
Here are my predictions:
Nintendo: Inspired by the success of the Wii, Nintendo creates a system with a bajillion different peripherals, thinking that they'll be bought like crazy. Once the poor sales come in and Nintendo runs out of uses for them, they start to rely on their big franchises to save them. Only a couple peripherals find any real use. The system sells poorly, but gets an odd cult status. Nintendo decides to shift their focus to their successful handheld instead.
Microsoft: After coming in a disappointing third place due to the 360's weakness in the Japanese market, Microsoft realizes that the only way to win is to appeal to the Eastern market. They release several embarrassing ad campaigns and first party knock offs of games like Brain Training. Realizing that it's pointless, they release a handheld, dumping all these cheap attempts at Eastern appeal on it, and it sells miserably. Microsoft falls back on the American market and goes back to the ways of the 360.
Sony: Their second place position has taught them a lesson. Sony tries a Wii like approach. They release their console at the cheapest price. However, they fall back on old habits, releasing several different SKUs, with different games bundled and random accessories. Customers become confused, and Sony decides that the only way to grab a clear victory is to pay third party developers large sums of money for exclusivity. Sony becomes successful in this path, and falters their attention from their handheld.
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I don't think any of these scenarios would actually happen, but I find it funny to imagine.
