Yeah the 3DS will be the first gaming system of the 8th generation. The 7th generation will continue for a while though, as most software released will still be for Wii/360/PS3.
I guess the 7th gen was DS/PSP/N-Gage to iPhone/Move/Natal/Vitality, with a bunch of consoles in the middle. It was the generation of new controls becoming the most important unique feature of a system, and it started with the touchscreen and microphone of the most successful gaming system of all time.












