Early next year. It would be stupid to announce a new console while people could still return their Christmas presents. I never heard Keighley say anything about next-gen at this year's VGAs, but I can say unequivocally that publishers and developers are chomping at the bit to show next-gen products. So I expect lots of next-gen videos without platform information during the VGAs, because that's the best place to show them to the mainstream.
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I've been told "big leap," but I mean, they're not super likely to undersell new platforms. Everybody is hoping new consoles reinvigorate excitement in the space. Industry people seem beyond annoyed that next-gen isn't here yet. I think they wanted it this christmas.
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When publishers talk about next-gen, they're talking about the next Xbox and PS4. I think the Xbox successor will launch next year. Sony's release calendar is dead after June, and I can't remember the last time that happened. I just don't know how they can afford it.