I can only talk about how I feel about the new gen and there is a reason why this is the first gen since N64 where I didn't buy a console at launch and I could even include SNES which I got a few weeks after launch. I have absolutely no desire to own a new gen console right now because I see nothing I "need" it for (which will change with games like Destiny). Sure, loading times are faster and I can share my videos on Facebook now but that's not really a reason I need a new console for and the rest is only games I can also play on PS360 or PC or which are good but aren't that great to need a new console for (Killzone, Dead Rising and so on...)
I think another big reason is that I have my PC connected to my TV which I didn't have when 360 or previous consoles released. That takes away the "comfort" advantage I had with my consoles so that I preferred to buy games like Need for Speed on console.
I also don't find last gen games so ugly even with the new gen which I always felt with previous console generations. One reason could be that I play a lot of indie games nowadays so that I'm used to switch from great to horrible graphics in seconds and don't really find that odd.
But it is the most successful console launch Microsoft and Sony ever had 
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