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For the current cycle I don't see it being all that exciting; PS4 > Switch > Xbox one

Sony is oneish generation away from removing Microsoft from the dedicated console space. Microsoft will leave from a combination of better overall harmony from Sony (Japanese, Western, A, AA, AAA titles, more exclusives, Indie support, affordable comparable to high-end PC gaming) and Microsoft upper brash/shareholders demanding them to leave due to low margin returns.

Near future (2021, I see them entering Gen 9 late , akin to the PS2 entering well after the dreamcast) With Microsoft out the way (or on its last legs) and Nintendo out of the dedicated home console space and the AAA gaming space, Playstation will have monopoly status for the home console market (its only competitor being PC...and Playstation will still command 80/20 market share) so it'll be a war against Sony's monopoly home machine vs Nintendo 1st party handheld machine, as i see Sony trying to erode Nintendo handheld space somehow.