I used to think yes, but now I think no. Mostly because I just don't see a console which will be lucky to make 50% market share selling 130 million+ consoles. I think Wii will sell more in it's prime 5 years than PS2 did. But PS2 continuing for 4+ years and probably surviving until it's 10th birthday means Wii's chances of topping that record are fading.
Look at it this way. If Wii stays at 50% market share it means total console sales this generation will need to be >260 million. That is such a massive expansion of the VG market it's really only possible if a country like China becomes a massive consumer of video game consoles (rather than just the country where they're all manufactured) rivalling the USA as the biggest single console market. It could happen I suppose, but as of now my vote is no. Also Wii 2 will be out too soon for Wii to really continue to ride the wave.
I even think the 120 million prediction by the OP is not guaranteed given my above reasoning.
If we see the Wii starting to take out 60%+ market share in the remaining years then that will change things a fair bit. I don't see this in Wii's stars with PS3 starting to catch people's eye now. It would take a virtual collapse of the 360 sales for Wii to start to make 60% market share, and 360 isn't going to fall that far.
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