I think looking at the direction that the three companies are currently taking their consoles can possibly shed more light on the specifications of their next gen line-up.
Microsoft would be trying to solidify their console as the central hub of digital entertainment via online, and so far, they're the best at that.
- It would be safe to say that their next console would have a base SKU that has at least 120 gb of HD space in order to promote DLC of games, movies, and other content.
- They would also implement motion sensing into their controllers. No brainer here.
- A similar architecture to the 360 that would allow full BC and maybe even BC with the 360 detachable HD.
- I would doubt that they need an extremely powerful console to achieve their goal of living room dominance, so I don't think it would be as big of the leap from XBOX to XBOX 360. It would probably be a refinement and enhancement of the XBOX 360 with DX 11/12 capabilities, with a heavy emphasis on image quality that was loosened during this generation.
- 1GB -2 GB of memory sounds reasonable.
- I seriously doubt they would use HD media such as Blu-ray. I am thinking they might still go with DVD since games need to be less than 8GB to be viable for download from the next gen marketplace.
Sony would be trying to do the same thing as Microsoft, but would be some years behind in the online space. They would be continuing their push of Blu-ray and Cell. They'll want to be profitable upon launch at the $299 price. They won't make the same mistake twice.
- The processor, without a doubt, would be cell or a successor to cell.
- DS4 controllers with 1:1 motion sensing, but DS3 is supported for their games.
- 1GB -2 GB of memory sounds reasonable.
- A minor GPU that's stripped of capabilities that the Cell can cover.
- Same hard drive system as the PS3.
Nintendo, ironically, would have the biggest upgrade in terms of raw power to their platform because they can, and have to. They would want to attract major 3rd party titles to their platforms, and would try to convince potential buyers that the Wii 2 is not just a repackaged Wii. I can just imagine the Nintendo PR: "Wii2, now with Hd cinematic graphics, and superior online experience!". Grandmothers and casuals would fall for it despite the fact that the Wii2 would be just a XBOX360+.
- Like many in this thread hinted, the CPU might be a Core 2 Duo derivative running at a low frequency.
- They'll make, FINALLY!, a step toward HD resolutions, so ram might be increased to 512mb.
- GPU might be a customized ATI gpu like the ones in the Wii and Gamecube but vastly more powerful.
- Harddrive support is a given, since Nintendo right now is trying to correct the issue of storage with the Wii.
- It would have the same disc based media as Wii.
In my opinion, the next generation of consoles would not have the traditional massive leap of computing power between generations, but more of a refinement as all 3 parties would want profitability upon or closely after launch. Coupled with the issue of diminishing returns in games and success of the Wii, I really don't see any of console manufacturers attempting to best each other in terms of graphical prowess. In other words, Nintendo is the cause of the downfall of console gaming.