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The 3DS, Vita, and Wii U have all had stints when they were selling worse than their predecessors. That looks to be the norm for this generation.

Also, it's possible that extending the 360 and PS3 lifetimes is a business strategy. If Sony and Microsoft think they've sold a critical mass with preorders to keep the systems alive, they might be trying to cool off their next gen system sales. It's likely they are taking losses on hardware, and cooling off their hardware sales means they won't be as deeply in the red. Remember, they're both making money off their previous generation models.