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It's impossible to say for sure, but all the signs are suggesting that this generation will be notable longer than the previous ones.

The Wii is demonstrating exactly how little people care of powerful hardware, while the PS3 and 360 are both pretty much guaranteed to hit at least 30M, and still getting a steady stream of new multiplats announced all the time. To put it simply, everyone has a lot to gain by keeping their current consoles on the market for as long as possible, and nobody has all that much to gain by launching a successor very soon.