Yes, all consoles are selling well

If sales keep relatively stable over the next few years, then it most probably will overtake the last generation.

However, it is to early to make an accurate prediction. It could go either way at this point. There are a few reasons for this:

Price of HD consoles- The price of the Playstation 3 and Xbox 360 are much greater compared to both the PS2 and Xbox. This could drive many people away from The HD consoles.

Shortages of wii- As mentioned above, the price of HD consoles is quite high, so some consumers may prefer to choose the wii. However, There have been many shortages of it around the world, and is extremely hard to find. This should cause some consumers to stick to their PS2, or buy a handheld system.

PS2 still going strong- Sony's PS2 is still being supported by many developers and is still selling decently. Since The PS3 has already lost sony millions, they still need the PS2 to help them regain their losses. Sony intends to support the PS2 in the years to come. It already has an established userbase, and has been able to compete with next-gen systems. How long Sony intends to support the PS2 until it pulls the plug could prevent Next-gen systems from selling as much as it could.

But as previously mentioned, it's still to early to make a accurate prediction. It could go either way at this point.

Certainly - my predictions.

Xbox360 ~50 Million
Ps3 ~50 Million
Wii ~120 Million.

Which is pretty much just extrapolation of the current relative sales rates of the consoles to the Wii.

Edit: I predict that noone here has a corect methodology for prediction what they're trying to predict even remotely accurately. If anyone here is close or even dead on, its probably luck more than anything.

hmm 162 million last gen consoles back when PS2 was at 116 million...
Since SONY has shipped 130 million and expects another 10 million this year i think that assuming last gen to end up around 185 million - 190 million is reasonable.

I think combined PS360Wii will easily outsell last gen moving 220 - 240 million consoles.
My personal prediction is:
Wii 120 million - 130million.
PS3 55 million - 60 million
360 45 million - 50 million

From my prediction Wii would have over 50% marketshare but wouldn't dominate like PS2 did and will proberly fail to pass PS2 in sales... PS3 and 360 however will greatly exceed Xbox and GC. Which is preety obvious ( current predictions have 360 around Xbox sales and PS3 close to GC sales by the end of this year !... )