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It's different now. The path has split and the console makers are going their separate ways. Sony kind of keeps doing what they have been doing. Microsoft is betting heavily on their subscription model and don't really care about console sales anymore. I think they are just waiting to ditch the hardware side completely. Nintendo has found wild success in the portable space and that's yet another different thing.
So it's not really console wars anymore, but rather a user base war or something to that effect.