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VAMatt said:

[...] MS talked in the middle of last generation about an end of generations. They had to move off of that because they needed a clean break from their relatively lackluster Xbox One sales. But, I do think it's very likely that this is the last clear new generation of consoles from Microsoft. From here it will just be price drops of the existing machines and introduction of higher spec models at the top of the price spectrum.

I do think it's likely that the current series X is the last machine that they will release with a disk drive. Maybe there will be one more, but we are definitely near the end of that, for better or worse. 

I think the one variable with whether we get Xbox Series iterations forever, or get a whole new generation, would be a significant architectural change.  Whether that moving away from Zen/RDNA, or something even more exotic like moving to Arm (ala Apple's introduction of the M1).

I think a more powerful Xbox Series console is a sure thing, but whether it's 3 years from now, 5 years from now, or some other number, who knows.  I agree with those who say that even Microsoft doesn't know right now when something like that might happen.

Just as we got the One S before the more powerful One X, I think we'll likely get a Series S refresh before we get an even more powerful Series X.