"While Nintendo steals the home console show by basically translating its portable victory across all its devices"
How can you be so sure this will happen? Actually, I'm pretty sure this won't happen at all, since home consoles and handheld devices offer a completely different experience and also a different approach to gaming. To directly answer you question: no. Sony and MS won't release a new console in 2016 or 2017. And why would they? PS4 and X1 are selling quite well and will probably last for at least 4 or 5 more years. Also, releasing a new console in the middle of the current generation (PS4/X1) can be detrimental to Nintendo, especially if PS4 and X1 succeed in becoming a standard, and PS4's (and to a lesser extent X1's) early success makes me think they can do it...they don't really have many alternatives though.
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