I I think I'd rather stick to my console of choice this coming generation and focus on the games that do push the envelope and make the best of what hardware is under that fancy plastic.
Just because there would not be consoles competing with each other, or the games would release on all consoles, that does not mean that the games would look like crap. Developers and publishers still would want their games to sell as best as possible and therefore try to make them as good as possible, there might not be competition between console manufacturers but there is certainly between developers/publishers...