There's a very good chance that next gen (PS4, next Xbox, and even the Wii U) will outlast the current gen in length/years.
I say that because technology isn't advancing as quick as it use to....sorta. I mean computer speeds (like ghz, etc) isn't taking leaps and bounds forward quite like it did 5 to 10 years ago. However, on the flipside we are seeing a lot more features and abilities included in new technology. Things such as wireless data/internet, voice and motion control, multi-device integration, etc are all becoming the norm. None of those require super fast computer parts to accomplish.
My prediction about the next gen is that the console features are what's going to give each console their edge and duration of lifecycle, it won't be the specs.
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