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Yes.  Sony will hold out as long as possible to try and reach overall profitability (emphasis on try, they won't make it with PS3), and Microsoft's essentially considering Kinect to be a mid cycle "new generation" already.  The next Wii will also probably not be a generational hardware leap over 360/PS3 (although it should easily outclass both systems), so that gives both some breathing room too.  I think XB3/PS4 will be positioned around the 4k/1080p3D television shift and possibly even HVD for PS4.

Wii 2: 2012 (PS3-plus spec, Blu-ray, 1080p/720p3D standard)

PS4/XB3: 2014-2016 (next gen spec, Blu-ray, possibly HVD for PS4, 4k/1080p3D standard)