I think that for next gen, we will see a new console. It will build on Wi concepts, and be relatively weak. I guess this console will actually come first, around the beginning of the next decade, being sort of a copy of the Wii, but a little stronger. It will get some hardware sales, at around 5-10M, but software will lack 3rd party and it will die out.

This however, will make Nintendo understand that they might get some serious competition soon. Therefore, they release a "Wii Elite". The Wii elite is a next gen console, but it isn't killing off the original. They release some games that are only playable at Wii Elite, while still making games for the original, that are usable at both. These games will have downloads available at Wii Elite, making them have more content, and , if possible, better graphics, AI and so on.

2-3months before this machine launches, Sony comes out with a Ps4. It is stronger than the Wii Elite, and has an option of motion controls, however, that is more of a secondary opinion, while then real console is original. Sony will not overprice this console, and it will not cost a lot more than Wii Elite.

The Xbox 720 will be the strongest machine, and be released last. About half a year after Ps4 and 3 months after Wii Elite. It will be the traditional gamers choice. It will be launched at a bit higher price than PS3, and will lose money on hardware sales to begin with, to take a place early.

As long as it's not called "Playstation 4" and they change the fucking D-pad, charge $1000 as far as I care.

Analog thumbpads need to go, since Nintendo shook up the game industry THIS round...

1st generation (1972-1977)
2nd generation (1976-1984)
3rd generation (1983-1992)
4th generation (1987-1996)
5th generation (1993-2002)
6th generation (1998-2006)
7th generation (2004-)

(source:Wiki) 

I think this generation will last till 2015
Next and 8th generation will start in 2012


XBox next and Wii 2, will release at the same time in 2012, the PS4 will be later and stick to their 10 year future proof strategy.

I think the next-gen will start with a new competitors offering, basically, a 4th company will launch what amounts to a HD Wii with massive support and all three current players will be forced to respond sooner than they'd like.

I think hard-core gamers will be the after-thought in the next gen for all involved. Let's face it, they know the core will buy anyway, it's everyone else they need to win other. There will be core games, but the price/design/marketing will be mainstream.

Other Christmas 09 - HDWiiish $200
MS 2011 - $250/$400 (2 skus)
Nintendo 2011 - $200
Sony 2012 - $250

A lot of you are predicting 2010-2012 for all of them. That's only min 2 years away max 4. PS3 has only been out a year in Europe.

I'd say the first of the next gen of home consoles will appear in 2013 probably end of. Unless Wii's lack of power hurts it too soon.

Then again MS do like to release things early.

The PS3 will be able to compete with any next gen console the same way the PS2 is going now. The wii is about two GC's, the next wii may only be 2wii's and the PS3 would still be stronger then that.

twelve million BILLION dollars!

As far as processing power goes ... If you consider two consoles where they can play similar games except for one will run at 30fps (compared to 60fps for the competition), at half the resolution, with 2/3 the texture detail, and 2/3 the polygon detail through out console generations:

• Back in the Playstation and N64 days this would be a huge generation defining difference
• Back in the PS2, Gamecube and XBox generation the difference would be important but not critical
• Today, with the PS3 and XBox 360, this would be a small (noticeable) difference
• In the next generation this will be almost unnoticeable

We're in an era where further advances in hardware technology are brining diminishing returns as far as impact in 3D games. With that it mind few people will notice the difference between a system that cost $1,000 to manufacture and a system that cost $200 to manufacture.

As a result of this, I think that all three consoles will be launched at $200 or $300, between 2011 and 2012, and will include similar hardware across the board. Microsoft and Nintendo will probably increase the number of cores in their processors to between 6 and 8, while Sony will probably have a "multi-cored" cell (essentially multiple cell processors on a single die), all will be at higher clockspeeds than their current processors; Microsoft and Nintendo will get their GPUs from ATI,  while Sony will get their GPU from nVidia, and they will be similar to the best processors from 2009 or 2010.

All three consoles will end up attempting to take the Wiimot to the next level; Sony and Microsoft will (in my opinion) try to make a hybrid with their current consoles so the Nunchuck will look like the left half of the PS3 and XBox 360 controller (without the d-pad) while their Wiimote will likely have 4 face button, two triggers, no d-pad, and no 1 + 2 buttons. In my opinion, it is difficult to know exactly where Nintendo will go with it.

Exactly, we're not talking about now though we're talking about next-gen.

My take:

Xbox720: 2012 - 349$
PS4: 2012 - 399$
WiiToo: 2013 - 279$

 Zucas beat me to it.  I just wanted to note that you are simply talking about Next generation.  I originally had the impression you were talking about Wii 3, Xbox 4, and PS5.