I have contemplated this for a while but is it too late to buy one?  Generation 8 has techincally started and I am wondering if the next Playstation will be released soon, which would stop me from buying it. There are many classic and new games that interest me, which is why I intend on buying one.

Not at all, I don't expect Sony to bring out a new console at least until the end of 2012. you only have a wii right? if so you will have more than enough games to play on the ps3 for a long time...ps3 exclusives have been many and diverse and they are gonna keep coming ...in addition to all the multiplat goondess you have missed and coming up..so nope not late at all.

I bought one 3 months ago... greatest thing is that most older games are super super cheap.. especially in the UK.. with sites like game.co.uk mymemory.co.uk etc.. I imported most games from them

No.

I can assure you that the next Playstation won't come until late 2012 at the very earliest.

Of course not. 

Just because Nintendo may announce a Wii 2 does not mean the PS3 is coming to an end. Wii 2 would have to be vastly superior to it in order to force their hand, not to mention the PS3 is coming off it's best year sales wise.

Also Sony still has tons of titles coming to the PS3. It is nowhere near the end of the line.

I haven't even gotten Disgaea 4 or The Last Guardian yet.

No.

There are so many games to play before PS4 (not released until end of 2013).

Well, the new F1 game, Uncharted games, the new Fifa game, Little Big Planet games, and the old classics like Final Fantasy IX and Spyro 3 are high up my list for wanted games.

You should put Demon's Souls on that list.

If you like racers then you should check out Split/Second as well.

didn't sony say they weren't going to bring out the ps4 until 2014? or was it 2015?

Nah. I bought one just last week.

I think it's going to be a while before the PS4 comes out so you should definitely get one.