Saying the 360 will go out soon because Microsoft's consoles average 4 years is horribly fallacious. The original Xbox was only moderately succesful in the US, and not very popular anywhere, so it got killed due to a lack of popularity and develop support. The 360 on the other hand is extremely even with the PS3, and going to stay ahead at least until 2009.
Same with saying the PS3 is going to last for ten years because the PS1 and PS2 did. They were supported for a long time because they sold over 100M units each.
A consoles life span depends on how well it sells. The decisions of the company producing it also affect things, but are secondary to this.
Right now the PS2 will probably be the first to go, because it's getting old and losing steam. Hardware sales are still pretty good (replacements for broken units?), but developer support has almost completely left for current gen consoles.
The PSP is in a bit of trouble due to dangerously low software sales. This could lead to developer support vanishing, although it's still got a good chance to recover. It doesn't look that bad really, but certainly weaker than any other console right now.
I think everything else will be around for at least 2 or 3 years. MS and Sony both invested huge sums of money into the HD consoles, and they'll definitely want to stay a good while in the money making part of the console life cycle. If one of them becomes the clear loser and sales drop notably from current levels, then we might see the underdog try to take the early mover advantage.
The Wii and DS are breaking all the records, and definitely won't be leaving the market any time soon.
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