The chances of Sony and Microsoft releasing their next consoles before or in early 2012 are slim to none, right now they will both be focused on recouping their losses so far, which might be easier for Microsoft than it will be for Sony.
As for the succesor to the Wii, i could see it being sold as early as Q2 2012, for the simple fact, despite the Wii still selling great numbers, they are actualy starting to slow down, and with the limited types of software for the consoles, i don't see it going for another 3 years like it is now. The lack of DVD playback doesn't help either.
Right now as i see it:
inside of April/May/June 2012, succesor to the Wii will be released, with hardware about 50% stronger than the Xbox 360 is, harddrive of 20-100 GB, with DVD playback.
Between November 2012, and April 2013: Xbox 3 release, Hardware shouldn't be a crazy jump, i'd expect them to include something like this: IBM CPU (6-7 Cores) @ 3.6 ghz, ATI Radeon GPU powerfull enough for large 1080P games @ 60 fps (and 3d), 320-500GB HDD, 4GB Ram, 32mb Edram,HDMI port, Kinect port, audio port, and blu-ray slot loading drive. (If they're smart they have to ditch the disc tray design and go with slot loading, like PS3 and Wii already use. And yes, they will probably use Blu-Ray, they have no reason not to. Components will probably be a smaller manufacturing size than they were on the early Xbox 360's, they will avoid a new RROD issue at all costs. As for release price: $399-449.
Finally: PS4... early 2013, evolution of the PS3 rather than a revolution, no drastic changes as they made from PS2 to PS3., price: $399-$449. (They're not stupid enough to make the same mistake twice) Sony will also make a attempt to make PSN Plus in the same quality region by then, as XBL is now, and Sony will be likely to develop PS4 headsets this time around, instead of opting for consumers to buy their own headsets as they did with the PS3.