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Aielyn said:

So we all recall the absurdity that happened in the previous gaming generation - even in 2010, some people were calling the Xbox 360 and the PS3 "next-gen consoles". This, despite one of them having been out for five whole years.

As such, this thread serves as a public service announcement. The Playstation 4, the Xbox One, and the Wii U are all out, now, and may no longer be considered "next-gen" consoles. They, along with the Nintendo 3DS and the Playstation Vita, form the current generation of consoles, and should be referred to as such. If you must use terminology emphasising that it's the generation that has only just begun, you may use "new gen", although "current gen" or "gen 8" is preferable.

The PS3, the Xbox 360, the Wii, Nintendo DS, and PSP are now "last-gen". They should no longer be referred to as "current-gen". The phrase "next gen" is now for use when referring to the ninth generation, likely to begin between 2018 and 2020 for consoles and between 2016 and 2018 for handhelds.

The Ouya is to be considered current-gen alongside Wii U, PS4, and Xbox One. The Steam Machine may be considered current-gen so long as it releases within the next couple of years.

Finally, a refresher on the term "generation" itself - it does not refer to the amount of capability of the system, nor to specific features. It refers to release of systems that are distinct from their predecessor with a notable number of games that cannot be run on the predecessor. As a simplified approach, we group gaming generations by calendar dates, as the gaming industry has formed a fairly regular cycle of 5-8 years, with releases aligning fairly closely. Whether you feel that the Wii U is much more powerful than the Xbox 360 and PS3, or about the same, the release of the Wii U in 2012 makes it the same generation as the PS4 and Xbox One.

sadly, it kinda does. When people say things like "truly next-gen" they are definitely referring to an amount of capability. Kinda like how 3d mario was next gen to 2d games.

While generation technically means period of time, I'd suggest you don't take things so literally. Otherwise, there's another thread I could point you to.

Hint: it's on the front-page right now.