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PS2-PSP-360/PS3-Wii-DS

PS2 will die soon, expect it to have near dead sales somewhere inn 2009. PSP is to follow, because of the bad software sales. PSP2 will launch soon after PSP hardware perishes as well, and it will outsell DS Lite, forcing Nintendo to launch a new version of the DS, which will outsell the PSP2 for most of the time. This will happen somewhere between 2009-2011.
Then 360 and PS3 will fall next. Sony and Microsoft will happily continue the console war. PS4 and X720 will release almost at the same moment, somewhere in 2011. This will kill their old systems, because neither of them are market leaders, and third party support will die with first party support.
Wii will stop selling after those two. Around 6 months after the PS4 and 720 launch, Nintendo will launch N6. Wii-owners will be offered a price reduction when they trade their old Wii's for N6's, and Wii will still get a lot of casual games, leaving the N6 open for early adopters, the 'hardcore gamers'. Wii won't completely die until end 2013/ begin 2014.
DS will be last in line. After defeating PSP, and defeating PSP2 with another new model, sales of the third model will begin to drop somewhere in 2011/2012. Nintendo will release a new model, which will still outsell PSP2, but only barely. Finally, in 2013/2014, when PSP2 starts outselling DS very regularly, a new DS will come out and officially follow the DS. But DS will still live on, finally dying somewhere between 2015-2017.

Of course, things can still change when Nintendo decides to follow up GBA with a GC-specced handheld, or when Microsoft comes out with a handheld, or when either Sony or Microsoft goes casual.