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Ithink you also need to take into consideration how the PS2 gen didn't require you to buy a new TV or have the internet. The PS3 gen brought with it a huge set of expenses from HD discs, HD TVs and online gaming.

Secondly, the PS2 dragged on abit longer due to the amount of people not being able to afford the leap due to console and TV costs. I personally didn't buy a PS3 until I got my full HD TV (after LBP launched). This meant that for many people, the gen didn't really start until 2-3 years into it. Technically it's obviously false, but for a large number of people it isn't.