I think the cost (and inability to reduce cost over console life) of a 192 bit/256 bit bus will be worth the expense.
I'm not sure at all about that. Remember that stuffing the framebuffer on eDRAM gets rid of half of your b/w needs -- this worked so well for xbox360, that I would be genuinely surprised if there was a console in the next gen that *didn't* do that. So 128 bit on console ~= 256bit on discrete GPU.
I mean we discuss all the time that current top range GPUs will be midrange by the time the Next Gen arrives and current top end GPUs feature 256+ busses.
Top end busses were 256+ before last gen came out. In fact, top end gpu busses have been 256+ since 2002. Bus widths don't tend to increase -- the costs caused by a wide bus are as high today as they were back then. You can get a reasonable approximation of the likely bus widths at a price point simply by looking last years products at that price point. 256-bit GDDR5 bus would need 8 chips, for the lifetime of the device. There is no #%&ing way I can see any of the manufacturers accept that.
I don't know if I've ever seen a cost analysis of bus size. It'd be interesting to compare to some of the EDRAM predictions in this thread.
It's hard to give any, because the costs are split in at least 3 places. The memory controller at the GPU needs to be larger (and as you need to drive a signal off-chip, die shrinks don't make memory controllers any smaller). You need more signal lines on the pcb, and thanks to how finicky high-speed memory interconnects are, doubling the lines way more than doubles the cost. And finally, you need more actual memory chips, which sucks, because while the price per GB of memory is probably the fastest dropping cost you have, the minimum price per chip is more or less constant.
All these costs are significant, and none of them scale down with time. All consoles will be bandwidth-starved, simply because adding more processing power to better utilize the bandwidth you have is just cheaper than adding more bandwidth.
My best bet for a new console on the "before new tech" timeframe would have an unified 128-bit GDDR5 bus, with enough eDRAM on the chip to always fit the entire framebuffer. XDR2 is the dark horse -- on paper, it would be very nice, but as I understand, it doesn't have much manufacturer interest.