In my experience...
"Console generations" are akin to comic book "ages." They are only easy to truly identify well after the fact. (Well, we can sort of determine when they start easier with consoles at least.) They feed into the basic human need to categorize everything, leading to shorter terms for swifter communication. As such, the idea of "console generations" won't go away until consoles go away, even if "forward-looking" PR men for the big companies try to say otherwise.
Generations are usually defined by a time period, not a new level of tech. The most popular and like-powered home consoles are grouped together, and those that don't conform are slotted in arbitrarily. A good indicator of a new gen is when AAA multiplats use the most powerful systems as their base, and older systems get gimped ports or none at all.
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