MMGN writes: The current generation of hardware, excluding the Wii, will still have a place over the next few years if hardware sales alone are anything to go by. Global sales see very strong retail sales for the PS3 and Xbox 360, even in the midst of an unstable global financial climate and retail struggling (especially in Australia as the nation's dollar continues to rise as product prices either rise or stay the same).
The industry is a lot different now compared to what it was a few years ago. Mobile games essentially had no market presence in 2007, even after the release of the Iphone, and digital distribution was something considered to be far off, despite the music industry essentially going exclusively digital in the years that have followed.
That does not seem to have stopped sales of hardware though, although Kinect added some life to the Xbox 360 in the midst of its severely lacking list of exclusives in 2011.