The best thing I took out of this is that he thinks the next gen is 4 or 5 years away. Graphics right now are looking spectacular on the HD consoles (I'm specifically thinking about Mass Effect 2, Uncharted 2, and Heavy Rain) and I really don't need a bump up right now. I would love to not have to replace my consoles for awhile.
However, Gears 3 on the next Xbox will be a HUGE motivation for me to buy one. I love the Gears series.