It's a good thing Sony and Microsoft probably don't intend to introduce new pieces of hardware next year, because I probably wouldn't buy 'em if they did.
For work purposes, I'd obviously need the PS4 but left to my own devices, I wouldn't get anything. And it's strange, too. Historically speaking, we should all be begging for new consoles; in 2012, the Xbox 360 will be approaching its seventh year and the PlayStation 3 will be in the midst of its fifth, and approaching the sixth. In any other generation prior to this one, new hardware would probably be slated to launch this holiday season.
But regardless of what Sony or Microsoft could produce, it just feels as if the current generation is nowhere near finished. I can't really put my finger on it, but I'm firmly convinced developers can do a lot more with the current hardware. Furthermore, maybe it's because consoles took such a huge leap in terms of overall entertainment appeal (Internet, movies, music, etc.) this generation; I mean, at this point, it feels like replacing a computer. Price is almost irrelevant; I really couldn't see myself buying anything new in 2012, and it's primarily because I'm plenty happy with what I have. I think many gamers are.
We also shouldn't forget that new games continued to arrive for both the PlayStation and PlayStation 2 after the successor arrived. I mean, God of War II and Final Fantasy XII came out after the PS3 launched in North America. Well, not quite with FFXII; it released a few weeks before the PS3 came out, but you get my point. And more amazing games could easily be released on both the PS3 and 360, as developers continually say more can be done. They stress that point. In years and generations past, I was always more than read for a new round of consoles. I think we all were.
But there's definitely something different about this particular generation, and I'm in no rush whatsoever to upgrade. So take your time, hardware making people.