ManBearPig
Well done, interesting and so brave! I agree with most everything you have said, but have areas that I think will be a different.
"2.) The PS4 will not have the same perceived (by the general public) graphical advantage that it had over the 360 this gen, as they will release closely to each other (and therefore have similar specs).
And 6.) The Xbox 720 will more likely launch at lower price point than the PS4…"
This I disagree with the pricing and power – I think the PS4 will be less expensive than the ‘X720’ Microsoft will probably want to have included Kinect 2.0 accessory, and will need extra CPU horsepower; thus I think the X720 will be both more powerful and more expensive.
Since August of 2011 the PS3 160 has been $50 (US) dollars cheaper than the comparable Xbox 250, and the 320gb PS3 has been the same as the 250gb X360. I think Sony will be pushing a ‘classic console’ approach as they did with the PS1 and PS2. Not the most expensive, not the best hardware, but having the most games. I think they will put the focus on ‘everything you want to do’ with the new play station, as apposed to a ‘do everything’ as the X720 (voice/chat/internet/games/streaming, etc.)
I think Sony will probably have more first party games and a lower entry point, and they will try to launch about the same time. They are in a tough spot as Microsoft tries really hard to work with game developers through it's DirectX API.
Anyway, speculation is fun! Looking forward to see what really happens. I hope their is enough market share for 3 hardware gaming companies.