Shiken on 05 March 2016
Absolutely not. Imo a console gen should last no longer than 7 years and no less than 5. 6 years is the sweetspot in my opinion. The vast majority of people would not even waste their time with something like this. MS would even lose money on the concept due to potential sales being too low to turn a profit (even if they sell at a "profit"), due to R&D costs.
If all consoles followed this method, I would just go PC where the games are cheaper on steam. If I am going to be milked for that much money, I may as well at that point.
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