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I think the next wave of consoles is honestly going to be the end in a lot of ways of the traditional console.

I don't see a pressing need to go beyond what PS4/720 are likely to bring to the table which will start to blur the line between video games and CGI.

As for Nintendo, long term, I think their next hardware is going to merge their handheld and console into one product line. Wii U is the first step towards that, eventually the "console box" will be phased out entirely and the console itself will just be inside the tablet controller.