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Generations overlap, so I say a generation is defined by three periods:

1. The early period when not all major competitors are out
2. The main period when all major competitors are supporting their systems
3. The late period when a new generation is out

In this system, the production of a piece of hardware defines when a gen starts and ends. Therefore, I believe that a generation only ends when production of relevant hardware ends. This means the PlayStation 2 generation only ended recently, but what're gonna do?