I would choose the next DS simply because I do not have a handeld gaming system right now.

Xbox 720. Halo alone sells me on that. Plus I think they are in it to win it and will keep improving and expanding. I just got rid of my Wii, so I'm not headed that way, and my 360 gets a lot more play than my PS3 during the average month.

I don't really do handhelds, but I'd like an iPhone for non-gaming purposes, so I will go that way.

IF I had to choose today:

Handheld: I am already getting the DSi when it comes to america so I will probably get the next itteration too. And I have the 3G iPhone so if a 4G comes out in a few years I'll pick that up too.

Console: I would get the next Nintendo console. If the NextBox has full BC I will get it once I refill my money supplies from buying the new Nintendo Console and like 5 games for it :)

Probably the 720, the PS4, or Nintendo's next console.

I wait for software to be released and that's when I make my decision.

I waited for the Xbox 360 to deliver and it did, I waited for the Wii to deliver and it did. I waited for the PS3 to deliver and it did.

Same will be said, wait is the word for me next generation. I'm no early adopter and I learned that being an early adopter is not really all that important and good at all. The Xbox 360 proved that.

PS4 if it includes BC. If it don´t, I will wait and see if the next box have BR and less than 10% failure rate, than is a possible purchase for me, since most of the games will probably be multiplat and MS will try to deliver a cheap console.
Since the reason I bought the PS3 was for the BR and God of War3, there would be no reason at all not to get the cheapest console if both on the market have BR.(GoW franchise is suppose to end on the 3rd itteration)

As for handhelds, it´s too early to say, things can change in the future, but I´ll buy the most powerful one.

PS4

The PS4 and the DS2.