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I'm hoping for 2018.

If MS and Sony go with classic consoles (and not streaming based), I think they need 15TFLOPS GPUs inside to keep the jump relevant, which, though it looks a lot, is actually what we should be having, at least in theory, in 2018 for the same price as 7870/R9 270 right now.

But considering problems that industry is hitting beyond 28nm, I'm kinda skeptical about it.

http://electroiq.com/blog/2014/03/moores-law-has-stopped-at-28nm/
http://www.pcper.com/reviews/Editorial/Next-Gen-Graphics-and-Process-Migration-20-nm-and-Beyond