For me, and most of my gaming buddys, owning and playing the PS3 has been a blast this generation. I'm not going to make a long dumb fanboy list of games that I love, but my PS3 has been so fun I didn't need to buy the 360 which I had been meaning to do.
I expect the PS4 to come out around 2012/2013 and I can't wait. ROLL ON THE NEXT GENERATION!
I hope they keep making expensive cutting edge hardware forever. If they turn casual and mainstream I'll have to move to the xbox.