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It depends on to many stuff, electronic products are reaching singularity.

There's not much need for a dedicated mp3 player nowadays, neither for a photographic device, or a recording camera. You have it all on smartphones, or tablets. Services like Gaikai and Onlive are a threat too.

Smartphones like Galaxy SIII and iPhone 5 can already produce visuals on par with PS360, by 2014-ish there will be tablets running Nvidia Kepler equivalent chips, which can handle PS4 downgraded ports and become a gaming device for itself.

Too many factors going around this gen. The Wii U, with its assymetric gameplay, so far is the only gaming device that feels you can't have that experience anywhere else. If PS4 and X720 are mere graphical upgrades like Ps1-Ps2-PS3, then those consoles may be in trouble due to this singularity were are reaching with electronics.