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First off, I highly doubt HD had anything to do with the success of this generation being that HD isn't even the primary selling feature of HDTVs; most HDTVs are sold because they're inexpensive, large, flat-panel displays and are often not hooked up to a HD signal.

What drove hardware sales this generation was multi-console ownership. While (probably) 10% to 20% of gamers in previous generations owned multiple consoles, I suspect that 50% (or more) households from this generation own a second console. This trend could continue in the next generation, and most households could own a second or third system if the console manufacturers develop systems that are unique enough to warrant purchase.