There is no right time. It typically depends on what the current gen has yet to offer, and what the next gen promises. For me, this usually relates to power. Each generation needs to have sufficient power to allow devs to make truly next gen games without the limitations posed in earlier gens.
The wii has been to me, a half generation behind, and the wii u is to me, a full generation behind. Sales mean nothing here, I am going purely off of technical capabilities. They may have gimmicks tied to them, but I view the gimmicks as forced peripherals, not generational leaps
I do think ps3 and xbox 360 tried to start the 7th gen earlier than it was ready for but the 8th gen has launched at a pretty good time to be financially reasonable while showing excellent improvement.
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