Historically speaking, we should be preparing for the next round of consoles right now.
But according to various industry sources, neither Sony or Microsoft are prepared to launch into the next generation until 2014. This according to Kotaku ; it seems the two companies are seeking to extend the current console cycle, regardless of indications that Nintendo will launch a new system by the end of 2012.
One industry insider said, "Both MS and Sony are telegraphing to each other that they're delaying, to milk the current [generation] and fill in previous craters better." Other anonymous sources say Sony and Microsoft are thinking about 2014 as a target date, although 2013 is a possibility "if either company feels pushed."
As for what to expect, the source believes that any new Xbox in 2013 would be little more than a Kinect-upgraded system, rather than a full next-gen console. This source claims MS has no idea what parts would even come in the next Xbox, and the company is "wrestling with whether to be profitable on day one." M2 Research analyst Billy Pidgeon added:
"I think we'll see a game of chicken between Sony and Microsoft. Sony definitely isn't launching a successor before 2014 and could stand to benefit by having Microsoft launch first as PS3 builds in to North America and builds a strong position in Europe. Microsoft claims there's a lot more room in Xbox 360 for developers to max out, but here PS3 could have a strong advantage."
Personally, I'm good with what we've got now for another few years. How about you?