I think the next generation of consoles will have better graphics, but I doubt that'd be the focus of them. Since further graphical improvements would be subtler than what has happened in the past, I think everyone would try to one up the Wii. My guesses on features we might see (or at least I would like to see):
- Stereoscopic 3D display glasses that are controlled by the console.
- Dynamic head tracking capabilities.
- A lot more accurate tracking of gestures and position than the Wiimote
- Speech command recognition