Time frame is the wrong way to look at it for me, I love technology, I love hardware.
It's the technological leap that is the important factor.
If you can get a 6-8x increase in performance for about $400-$500, then it's time for a new generation.
Ironically... Thanks to the skipping of 20nm at TSMC... Hardware took a massive jump in price/performance thanks to 14nm and we could kickstart the next generation early. - Not to mention that the Xbox One and Playstation 4 released with old, mid-range hardware which is showing it's age quickly.
Thus... For me it doesn't matter if we get a new console every year or every 10 years, just the upgrades better be worth it.

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