Anything can happen! But history seems to generally side home consoles to Playstation and even Nintendo (both won/will win 3 generations but Playstation only lost one) and handhelds to Nintendo (ignoring smart devices). But who knows? Very few of us predicted Nintendo would win with the Wii and Microsoft had a good chance this generation but faced the DRM fiasco and high launch price.
Maybe if Sony messes up badly next generation and Microsoft doesn't get involved with a huge media backlash the generation afterwards, Microsoft could win if Nintendo messes up and continues its decline on home console sales.
But this would all have to happen before another paradigm shift affects the game industry which may eliminate the need of home consoles entirely and console wars become publisher/studio wars instead.
