A few things:
It's not like PC of course, but when I was still maintaining windows.. Defragmenting, updating, rolling back drivers, tweaking performance, rebooting, overclocking, undervolting and so on, I could have bought a new PC (instead of new parts). Because of new processor slots and memory speeds. All my games and programs would have worked still. But I chose to wait a few years, lowering resolution eventually to 1024*768 to still be able to max out F.E.A.R. at the time. (Then I switched to mac and never bought another pc part, except for memory modules and SSDs)
With that PC mindset, I could have upgraded at any point. Still, it didn't feel like my 'old' PC was worth less when newer parts were coming out. Because I knew.
With iPhone, you can buy the S model now, but you know that this year there will be a 7 model; which will have different exterior, better camera, screen, processor and so on. You choose to buy the 6S now, because you need a new phone. And you know it will be supported until 2020 anyway. People buy them every day though. Every 5 seconds a child starves in Africa. That aside, every single second at least 1 iPhone is sold, with +200 euro profit. Before the new model however, there is a slight dip of people not buying the current model and choosing to wait weeks/month until the new one comes out.
Now for consoles... they are long time investments at this moment. The platform holder ideally wants several years life cycles because it helps with developing software, lowering hardware costs, and maximising market share, as well as profit. Will a mid generation refresh, instead of the now standard slim revision (even lower costs, 'large' price cut possible even) generate profit? only time will tell.
Once console gamers view consoles as pre built, non- part upgradable pc's, all will be well. You will be angry that... Ubisoft? has shitty performance on 'older' hardware, but if old games get new hardware profiles (which should be super easy, they only have to test 1 new configuration). Some, or a lot of gamers could be really happy. Free HD remasters mid generation sounds nice right?