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I say no, Nintendo planned for a 5 year cycle, now that its the better selling console, it will prolong its life for an aditional year and release its succesor in 2012.

I also think that not Microsoft or Sony will keep their consoles for another 5 years, I can see them launching their new machines in 2012 and 2013. That's enough to claim that this hardware cycle was longer, even for the consoles that don't have the largest install base, with an average of 7 years instead of just 5.