Microsoft and Sony are (more or less) being forced into releasing their next generation consoles by Nintendo ...
Neither company wants to leave the Wii U on the market for long enough that it can build a userbase that is large enough and become the "default console" that consumers buy and developers target; and, while Sony and Microsoft could produce systems that are substantially more powerful, the additional processing power could be wasted in technical enhancements that people don't notice and care about (improved output resolution from 720p to 1080p, increased framerate from 30fps to 60fps, etc.).
How long Sony and Microsoft have depends on how the Wii U sells, but it would take a near record pace to become the default console in 12 months on the market alone and a fairly moderate pace to become the default console in 24 months on the market alone.
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