I see Microsoft waiting till E3 2013 to announce their next console (releasing mid 2014) and Sony waiting and announcing at E3 2014 (releasing early 2015).
Neither want to give up their current profiting positions. They will both hold out and keep dropping price until the 7th gen market is saturated at those lower price points.
They also can't afford to make a significant jump in tech/features to justify new consoles until those components drop in price as well. They will both still sell at a loss at launch, though it will be a smaller loss margin this time (probably around -$100 per console). I expect $399 price points on both the new Sony and MS home consoles when they launch (meaning they will only be about only $500 worth of hardware).
All that said, I don't think developers can support the higher dev costs associated with these new consoles. We will see a small difference between 7th and 8th gen games because of this, and this will prevent a 9th gen occurring until dev costs drop by 80% or more (based on next gen's dev costs).
