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I do think Sony is trying it's hardest to release PS4 this year in order to not give the next Xbox another year head start. Even though they caught up (about 1.8 million away) they lost a lot of market share in North America and people that got used to Xbox Live and achievements will want to stick with the next Xbox into the foreseeable future. Personally I wouldn't mind going back to 5 year cycle going forward (PS1 & PS2 had that), 8 years is too long to wait for the next console.

Like someone else said, I would buy the next PS4 even if it was only 2-4x more powerful if thats where all the new games are. I think 1080p at 60fps is all I want in the 8th gen.