Sony Execs are smoking crack if they think that the other consoles of this Generation (XBOX360, Wii) will not last more than 5 years.
We've already seen how much Sony cares about it's current PSP user base with the new PSP. Now Microsoft is pouring too much energy into xbox to throw it out in the next two to three years.
Nintendo's Virtual Console and Wiiware is picking up too much steam for Nintendo to sacrifice at this moment.
It would be a huge loss in customer good will to release a new console now.
The biggest reason none of the previously mentioned companies will release a console in the next 2 to 3 years (doesn't mean they can't start drawing up plans and building prototypes for one) is that the economy has been hit hard across the globe. No one is going to be purchasing another $600 on a "PS4" and a $500 on an "Xbox 520". You might have a larger crowd going for the new $250 "SWiiES (Super Wii Entertainment System, Pronounced 'Swiss')", but not as huge number as before.
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