YES, 10 years plan.
PS2 2000, 2001, 2002, 2003, 2004, 2005, 2006(TONS of GREAT GAMES), 2007(not many great games(GoW2, Persona 3, Bully, Okami, Rogue Galaxy, Odin Sphere + PS3 full year), 2008, 2009(probably last year), 2010(definitely last).
PS3 2007(Unc, HS, Res, M, R:ToD,), 2008(LBP, MGS4, R2, M:PR, VC, N:UNS), 2009(KZ2, HR, FFXIII, GT5, GoW3, InF, MAG), 2010, 2011, 2012-2013-2014(PS4 release in one those 3 years), 2015, 2016.
YES, PS3 graphics WILL satisfy people for a LONG time.

Blu-ray capabilities - give developers a LOT of space.
PS3 media features and free online will give PS3 a LONG life. =)
PS3 FTW!
Every 5 seconds on earth one child dies from hunger...
2009.04.30 - PS3 will OUTSELL x360 atleast by the middle of 2010. Japan+Europe > NA.


Gran Turismo 3 - 1,06 mln. in 3 weeks with around 4 mln. PS2 on the launch.
Gran Turismo 4 - 1,16 mln. with 18 mln. PS2 on the launch.
Final Fantasy X - around 2 mln. with 5 mln. PS2 on the launch.
Final Fantasy X-2 - 2.4 mln. with 12 mln. PS2 on the launch.
1.8 mln. PS3 today(2008.01.17) in Japan. Now(2009.04.30) 3.16 mln. PS3 were sold in Japan.
PS3 will reach 4 mln. in Japan by the end of 2009 with average weekly sales 25k.
PS3 may reach 5 mln. in Japan by the end of 2009 with average weekly sales 50k.
PS2 2001 vs PS3 2008 sales numbers =) + New games released in Japan by 2009 that passed 100k so far