A-r-r-o-g-a-n-c-e

Op: and then the Wii came and destroyed everything.

On a path to, yes. PS4 will be fine but the future isn't as bright for Sony as it once was.

Playstation no longer has a new media format to sell, Nintendo has already kicked them out half the market, 4K won't have the same impact HD did, VR's a relative flop, game streaming will be DOA, Smart devices and Switch (once it gets a few apps) are better non-gaming entertainment devices than PS4 and PS5 (probably).

Sony will have their first party exclusives and they'll continue to share the AAA multiplats but there's more chance the next breakout hit IPs will come from Nintendo increasing their output and smaller 3rd party titles where graphics aren't as important. Portability will make the Switch versions the best ones to own as well as getting portable-AA versions (ala PSP) of any big AAA games worth owning.

Nintendo will continue to collect 3rd parties throughout the gen setting them up nicely for the next jump in power while PS5 has to worry about matching XBX's 12 Teraflops, giving people a reason to upgrade their PS4 and hoping everyone doesn't choose portability over 4K.

I see it as arrogance because of context; around the same time they were making statements like how people will buy PS3 even if it doesn't have any games, people should get a second job to afford one, Xbox 360 is an Xbox 1.5,  PS3 has 4D graphics, next gen starts when we say it does, etc.

Many of these quotes were mistranslated