Yeah 2008'll be just fine. We already know the PS3 is getting 2 FFs with one being FFXIII, White Knight Story, and GT5. Also, a couple of Fall 2007 titles are bound to slip into 2008 (Nintendo, I'm looking at you).
My Top 5:
Shadow of the Colossus, Metal Gear Solid 3, Shenmue, Skies of Arcadia, Chrono Trigger
My 2 nex-gen systems: PS3 and Wii
Prediction Aug '08: We see the PSP2 released fall '09. Graphically, it's basically the same as the current system. UMD drive ditched and replaced by 4-8gb on board flash memory. Other upgrades: 2nd analog nub, touchscreen, blutooth, motion sensor. Design: Flip-style or slider. Size: Think Iphone. Cost: $199. Will be profitable on day 1.