Globe & Mail writes about Mike Capps' prediction (reported in Forbes)that next-generation consoles could be as far away as 2018. From the story:
"Theoretically, a longer cycle may result in consumer savings; the hundreds of dollars typically spent on hardware every five years can instead be pocketed or invested in software-which is, after all, what the pastime of video games is all about. I'm keen to learn whether Sony or Nintendo had the foresight to build their machines with the durability to last seven, eight, or nine years (we already know that Microsoft's early Xbox 360 units, with their notorious Red Rings of Death, weren't made to last). If avid gamers have to shell out for additional current generation boxes to replace broken ones, the only advantage to a longer console life cycle rests with hardware makers."