I seen people on the internet including someone from Sony saying the Wii will only last about 5 years. This is dead wrong, and the predictions from the very beginning were also dead wrong.
I was sure sony couldn't possibly do that well with a $600 price tag, and almost thought I was wrong when it had a great launch, but was right after all. Now I guess I'm going to be the first one to say the Wii will last at least 7 years (or longer) because it has already won the war, and will continue to sell out for at least the rest of 2008, plus Nintendo still has yet to release the wii in 4 more countries.
This alone will keep the Wii moving 500,000 in sales a month or more, then a price drop of $50 will make it complete sellout all over again, and if not that a $100 dollar price drop will do the trick. If the sales dont start going under 200,000 a week on a regular basis this will probably not happen. Nintendo doesn't even have to beat Sony every week, as they just have to keep good sales to avoid a price drop.
Now about the whole lifespan wishful Sony thinking... The PS2 is still around and its still selling ok, but it's selling almost as well as the Xbox 360, so the 360's graphics are not going to kill the PS2 or Wii. I think soon after the PS2 is discontinued the 360 will go about a year after, which I guess will be in about a year and a half, so I'll give the 360 two and a half years then that's the end of the 360, and I'll give it nine more months in Japan.
Now I'll talk about the PS3. It was $600 in the beginning, now its $400, and after they did this they lost an estimated 86 billion dollars. I dont think they have the money they once had, so since it's selling good now they probably will not even attempt a price drop due to the lack of funds. It took a long time for the PS2 to drop down to $100, about 6 years, so I think Sony will have a price drop around the 4th quarter of 2009, just in time for Christmas, and I think it will be about a price drop of $100 (maybe depending on sales).
Once this happens Nintendo will strike back with a price drop efficient enough to put Sony right back in 2nd place weekly.