Why would MS or Sony want to release a new console so soon? With the slow down and diminishing returns on new hardware, how are they going to sell new consoles and make people want to upgrade to them? Even a 8TF console won't be a massive enough upgrade for a new gen and it would cost a fortune to make at 14nm compared to the current ones, especially since they would need to support both consoles for a couple of years. That is on top of the longer development time for games, changing hardware often doesn't seem economical any more. Also graphics have reached a point where its really hard to be WOW'ed by the new gen, its just going to be more AA, better texture and with more realist lighting than last gen but nothing like ps1 to ps2 to ps3.
To get a decent jump, a gen worth of jump would mean 8x the processing power and 8x the memory. When 64GB of ram is economical and a >12TF graphics card is <$200. then we'd actually get performance worth a new gen in a console. Even then, I don't know if they would be able to market graphics good enough to justify a new gen.