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I feel like a generation should last long enough to build up a solid library.  With the PS3 era, I definitely felt ready for the next generation of consoles.  PS3 had a ton of games I really cared about and I felt ready for a new system.  Right now though, I feel like the PS4 needs like 5 more big new announcements.

With how long it is taking to make new games, a 7+ year generation is my preference.  But I'd really prefer games to be quicker developments...