X360 in its 7th year. Wii and PS3 in their 6th year.
New consoles are needed to freshen up the aging console generation running games on outdated low end specifications.

Wii U and possibly Next Box and PS4 due out 2012/13.

Can't name Nintendo, since Unreal games have no market there.

I'm guessing PS4 in March 2013 and Xbox 720 in November 2012 then.

Xbox 720 and PS4 very likely and Wii U too - as a i don`t believe that MS and Sony will built anything that much more powerful than Wii U, that Wii U can`t support UE4.

Microsoft should have bought Epic long time ago...

New installments of classic franchises/ game series will take advantage of the next generation graphics technology and sell to established fan bases.

New upgraded versions of classic game franchises now take a long time to develop. Back in the old days sequels were brought out annually, not 4 or 5 years apart.