Microsoft is in the best position to come out ahead next gen. Especially if they're able to launch with $299 and $399 pricing, Kinect 2.0, the most 3rd party support, big exclusives, an improved Xbox LIve, a native 1080p @60fps standard for all games, and solid physical gaming media (my biggest hope).
Sony is in the worst position out of the 3 by far. They can only lower the price of PS3 so much, and they don't have the funds that Nintendo and Microsoft have. Compared to a base unit costing $249-269, they'll have to release the PS4 with at least a $499 price tag and a loss. Sony may not survive this next generation, since there's really no market left for such expensive gaming machines.
Nintendo will do fine, and I feel that they will be neck and neck with the new Xbox console this time around. They'll continue to offer unique gameplay and IPs, so they're only obstacle will be pricing this time around. It's a very different economy than when Wii was launched, and people may not be willing to spend as much for that kind of tech.
I wish a new company were joining the console wars to bring a new and fresh face to the hardware scene. All 3 companies seem to be going through the motions, and not able to surprise anyone anymore.
