This is a Hardware Prediction thread. Keep it on topic or expect disappearing posts.
As output resolution isn't really going to affect what hardware is chosen next-gen, there's no point discussing it at length.
Shifty, if you aim for a lower res with higher levels of AA next-gen then you would dedicate more hardware for AA efficiency and less brute force. It would change the dynamic of what you ask for from the IHV to design.
Personally my feeling is that after this amount of time between this gen and next gen a true 1080p resolution with decent AA and AF is an ideal goal - all at 60fps and VSYNC'd - I really can't stand tearing. Why would Sony and Microsoft settle for less as we can achieve this relatively comfortably on mid-range PC hardware now - even a Radeon 5770 with a dual core processor will not have an issue with it.
So lets think of hardware currently available that at a minimum could drive that resolution with enough graphics fidelity to keep the new games looking "next-gen" (global illumination, high res textures, ray tracing, HDR precision etc etc) ....
If Sony and Microsoft aim too low - it will just reduce the longevity of these systems.
An important question is - are Sony and MS waiting for TSMC, Glo Flo, Toshiba and NEC to transition to at least 32/28nm en masse and for bulk silicon? I think they are - hence the delay and lack of leaks currently.
If, (big if), they are indeed waiting for 28nm to become a viable option then MS and Sony will definitely be thinking about the length of time it may take to transition over to 22/20nm - maybe 3-4 years from launch.
If the thermal and die budget remains the same, we are hopefully looking at approximately 8x the power of current gen consoles in FLOPS, fillrate and polygon pushing power (assuming everything scales linearly.)
For the next-gen there are some advantages now, Blu-ray drives are much cheaper and in plentiful supply, lessons learnt regarding cooling and the die packaging material (RRoD), the networking infrastructure is built and only needs modifying rather than re-doing from scratch. Sony and Microsoft should be able to spend less and get more for next gen! Of course that won't happen due to added complexities and management incompetence, (I work for a large corporation and some of the errors management make are absolutely incredible and money wasting - save a penny, spend a pound mentality because they don't really understand IT.)