Consoles releasing every 5 years would kill the industry. This isn't the 90s anymore. Development and marketing costs are huge and games are either released unfinished (Battlefield 4) or delayed (Arkham Knight).
Look at these development costs. (I didn't include marketing.)
$200,000,000 - Star Wars: The Old Republic (2011)
$140,000,000 - Destiny (2014)
$105,000,000 - Max Payne 3 (2012)
$100,000,000 - Grand Theft Auto IV (2008)
$100,000,000 - Too Human (2008)
$90,000,000 - Halo MMO (Cancelled)
$70,000,000 - Metal Gear Solid 4: Guns of the Patriots (2008)
$68,000,000 - Watch Dogs (2014)
$66,000,000 - Crysis 3 (2013)
"On my business card I am a corporate president. In my mind I am a game developer. But in my heart I am a gamer." - Satoru Iwata
