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I guess that depends on how you define console. If you define it as fully closed platform with iterations every 5-7 years, then yes, 8th gen will be the last console gen in that sense. If you define console as a fairly powerful gaming device for you living room, then no, this won't be the last generation of consoles.

From this point forward I fully expect mid-gen upgrades or even fully upgradeable consoles from each of the big 3. PS4K is as close to being confirmed as possible without hearing a confirmation from Sony themselves. An upgradeable Xbox releasing soon is heavily rumored and Phil himself talked about Xbox being upgradeable in the future. Nintendo patented what they call a supplemental computing device, which will likely be used to upgrade NX mid gen.