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diveintothemuff said:
yes i believe we do. however each future gen will probably get longer and longer.

this gen will last another 4-5 years most likely

expect future gens to last 10 years at least

On the contrary, development cycles have accelerated and are continuing to do so exponentially with each passing gen (just look at all that's happened on the PC since the 360 came out, two full DX versions and brand new features of graphics/animation in realtime, multi core processors etc). I think this gen will end around 2012, perhaps even late 2011 and the next one will be slightly shorter.