It's on hold for me atm. 2012 has been pretty lackluster so far, and not a lot of new stuff to look forward too. I'm not a Halo or CoD fan, so I'm left with Tombraider (meh) and AC3, which I think I'll get for WiiU.
This gen should pick up again in 2013 with Beyond, The last of us, Ni No Kuni and hopefully The last guardian.

I honestly think this upcoming generation will be the first time the videogame industry sees a regular "two-tier" home console format, because I expect M$ and Sony to continue supporting PS360 for the next 3-5 years at minimum with both gaming and multimedia content. It would be very hard (and stupid) for them to walk away from two consoles with an install base of nearly 70 million units each and still growing and healthy more than 6 years after the generation began.

With the exception of the PS1 and 2 (and also the NES), every single console before this generation had the major support plug pulled on it within roughly 5 years, may times even sooner. As soon as its successor was released, the parent company's focus would shift entirely on its younger, stronger brother, while putting their existing console out to pasture for either a slow or sometimes quick death.

Nowadays with the economic uncertainty, the soaring costs of game development, and millions of savvy consumers wanting the best entertainment bang for their buck rather than expensive bleeding edge technology, the big 3 (especially Sony and M$) are going to be challenged even further balancing their push for new technology while keeping their current success going strong for the foreseeable future.

I would say only for Nintendo-only gamers.

3 cash cow console sales systems with install bases between 65 million and 96 million. Almost 230 million combined current generation consoles have been sold.

Why rush the launch of the next generation?

It's not really "rushed" when it's been 6 years.

The Last of Us and BEYOND are going to make me brush the dust off my PS3 next year... but that's about it. Everything else I'm getting/playing on my PC due to dem graphics, a better frame-rate, mods for some games...And some PC exclusives like Civ V.

Oh and I'll be playing the Walking Dead: The Game on my PS3 for the rest of this year, but only because it has easy trophies and I've already bought the first episode on PSN :P

And people, keep in mind that in a year and half, you may of had enough, especially since there won't be much for PS360 next holiday while they'll be some crazy good looking, promising new IPs coming to Orbirango.

There is no gen... only games..

It ain't over till it's over. While the hype of this gen is certainly gone, the gen itself is still pretty much alive and only when the games stop comming out for the current one do I consider it dead. This, imo, is still 2-3 years ahead of us, so plenty of time left for this gen to shine and go out with a bang.

Well, at least we all kind of agree the hype is dying down. Still, there are some key exclusives coming up for PS360, but yeah it feels like gen 7 is finally sinking in and the noise is quieting down.