I'm old but my gaming history is sparse so I never have lived a real console generation transition...  I'm a PS3 guy and I'll have a PS4 day-one, but it seems like there is games coming in 2014 only on PS3.  I'm looking at you Dark souls 2.  So I'm keeping my PS3 on the side for those games?  How much time before the transition is complete?

Usually about 2 years.

Id say PS3/360 and PS4/X1 will have pretty equel support in 2014. In 2015 it will be more like PS3/360 only get the big annual titles and more games start being next-gen exclusive. By 2016 PS3/360 will only have EA Sports support.

So you think that for about 2 years there will be games released for PS3 only. Geez!

It'll be a good couple of years, and what with not having backwards compatibility it could be a real big factor for the new systems to overcome.

It happened always, so why not? Remember Persona 4 last gen?

With Bandai Namco's localization skills we won't see Tales of Xillia 2 in the west until... who knows?

The odd game here and there, yeah.

Trust me games for 2014 that have been said for PS3 and Xbox60 will either be ported or be first on PS4 and XBONE. so dont get worried in any sense. but you shouldnt sell your PS3 either because theres alot of grea games on that system already that will never come to PS4.

Will never sell my big fat PS3 for sure.

It could happen that, especially multiplat games or games with an already long development history, will still be made for PS360 and only on next gen consoles when the publisher see a good reason.

Of course if the publisher knows that a game is not ultra popular, they might not make the effort to release Xbox One and PS4 editions as they also have completely different architecture compared to PS360.
Others might not be experienced enough to get their game running on 6+ cores.