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Hiku said:

The next Xbox has probably been in development since Xbox One released. That's how Sony said they do things with Playstation, and it's likely what Microsoft and Nintendo do as well.

As for what will happen to the generations that'll be interesting to see. I hope Xbox 4 and PS5 are fully backwards compatible with the previous generation.

Yeah, that's how all of them do it, they probably think of the next console before the previous one is even released. As for it not being a new generation, I'd assume that eventually they'd reach a point where games aren't required to run on all variants of the Xbox One.