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Sony has released a few statements concerning a ten-year lifecycle for their consoles, and the PS3 probably could pull this off. Given how the PS3 has sold nowhere near as well as the Wii, and has not outperformed the Xbox 360, this could be a prudent decision from Sony. In all likelihood, Sony has not made the money it intends to make off of the Playstation 3 as of yet.
Microsoft just launched the Kinect, so that means they're probably not going to be releasing a new console any time soon, as the Kinect will stretch out the lifecycle of the Xbox 360. Microsoft will probably need to get new hardware to the market before Sony will, as the Xbox 360 is starting to show its age more quickly than the Playstation 3.
At this point, "the console wars" is a bit of a misnomer. The gaming audience has diversified, and Nintendo has capitalized on this. There's talk that the Wii 2 (which is probably not what it will be called) will have a touchpad with a camera for a controller, and a development agreement with Rockstar. Right now, Nintendo is in a league all its own, while Sony and Microsoft are fighting for second place.
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