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I think Nintendo certainly has a timing advantage on their 8th gen console.

MS and Sony will have to wait it out; if they don't, they will either release a console that is too expensive or a console that is too similar to the PS3/360. Waiting will let MS and Sony skip to the "9th gen" and capitalize on higher end hardware at lower production costs since they get cheaper overtime.

On that note though, hardware is getting less and less important. Soon, even handhelds will be able to handle AAA multi-platform games with dev budgets anywhere from $0-$150mil (though they would probably not get that high).

The real differentiation between consoles will be control inputs and exclusive games.