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Str8knox said:
It was an article I read, but I can't put my finger on it. It said that Nintendo was going to join Sony in keeping a long cycle for the Wii as they thought a shorter gen wouldn't bring enough profit into the gaming industry. Is the Wii going to last for 10 years?

The PS3's life cycle will look just like the PS1 and PS2's life cycles did, if everything works out for Sony. That is, it will be succeeded by a superior console about 5 years into its life cycle but Sony will keep it on shelves another 5 years, approximately.

With the 360, it's hard to say. MS may continue to support it, but whenever you continue support of an old product it can be at the cost of the new product. Microsoft's overall approach to consoles has been different.

Also, the 360 is not yet profitable. MS has had a profitable year, followed by a profitable quarter. Overall, the 360 has put MS deep into the red.

Consider a 10 year old console right now: the N64 is twelve years, the PS1 is almost 13.  Current "next gen" systems like the PS3 and 360 are already looking pretty aged, as nothing that's come out for them lately has looked impressive in any way.  Do you really expect the PS3 to be around more than 8 years from now when home systems literally have hundreds of gigs of memory?