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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