You know, with how quickly these consoles have started being profitable for both Sony and MS coupled with how quickly PC components get replaced by faster parts I could see them shortening the cycles back to 5-6 years like we have had in the past.
I could also see it being more likely they will just iterate on the current consoles with faster components and add some minor changes to the systems rather than go all out and launch whole new consoles.
Either way with compatibility issues most likely gone for the foreseeable future console gamers will once again be able to keep their game libraries (digital and perhaps physical too) and continue to play them on the new consoles. Backwards compatibility is more important today than ever before with digital being much more widely adopted and people wanting to have some feeling of ownership over their digital purchases.
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