Sorry Vysez, I know this post isn't about PS3 mania...
You may not have a problem with it, I bet devs do though. Suppose you do a launch game. Console terminates 4 years later, that gives you time to release ONE more major title, and then you'll straddle the console generation gap and take it square in the nuts when you have to toss away work and start all over again for the new system. And this is just if you get in on the action at the START of the console's life! Suppose you form your company say 2.5 years into the current console cycle. Then what? Hope you can squeeze out something at least mediocre by the end of life of the current hardware? Mighty big gamble there.
Not all devs are gonna want to do fast-developed puzzlers/DDR/super monkeyball type games. A MGS or Halo represents a significant investment. You can't do that on a hardware that's going to become obsoleted in less than a handful of years.