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Handhelds will last longer than home consoles IMO. Smart devices are simply uncapable of beating them for games, whereas home consoles are slowly losing all their space to PCs, and MS themselves might ditch consoles for Windows HTPCs(maybe keeping the xbox name), which will probably beat Sony if they go on traditional console route.

I can't see Nintendo losing next generation and probably not the one after that either, but my answer is definately no.