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I think it would make perfect sense. A new system every 3 years would be perfect i think, and is possible now that they have made the step to more PC like and affordable hardware. Even a new system every 2 years might be in the realm of possibility(a lot of people buy a new $500+ phone every two years).

Only thing that would be needed is mandatory support for 4 or 5 years. Meaning every game that is released in the first one or two years of the new system must also be released for the old system.