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Both Microsoft and Sony should launch systems late 2013/early 2014 and only be 12 months behind Nintendo's Wii U, due out in late 2012/early 2013.
I do not see Sony abandoning Blu-Ray. Expect an upgraded version of Blu-Ray in the PS4.
Expect an upgraded Cell processor that will be around two or three times as powerful as the PS3.
Wii U will be more powerful than the PS3 and be a true HD console with touch controls.
X360 will be in between the PS4 and Wii U in regards to console processing power.
Blu-Ray will feature in some shape or form in all three 8th generation console systems.
Storage 160GB to 250GB+ should be standard in the PS4 and the Next XBox. Not so sure about the Wii U's HDD.