The thing is, MS and Sony are not working with each other. They cant say, "hey, let's not release a new console until 201X". If Sony were to release a new console and MS did not have theirs ready, then The XBox would stop selling and vice versa. Sure the xbox 360 and ps3 could last more years, but consumers definetely are ready for something new. If someone provides it, then the current generation consoles would quickly be abandoned.
Business success involves constant evolving. Those businesses who are too slow to release new things could easily be left behind. A good example would be Blockbuster. They were number one in video rentals, but services like Metflix came along and took alltheir business. MS and Sony are trying to avoid those situations. A situation where their consoles become obsolete and they need to play catch up.
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