Kutaragi clearly promised games at 1080p/120fps to fool the 360 launch
I have the entire E3 2005 presentation on DVD (got it back then) Ken Kutaragi NEVER promised games at 1080p/ 120fps. What he actually said was that the console can deliver UP TO 1080p and the 120fps is a reference to the fact that certain people know about technology years before it gets released and HDTVs at 120Hz were in planning stages.
My personal opinion is that PS3 will be the last trully next gen consoles for many years well into 2015 at least.
I am well aware that Microsoft has used their consoles to coincide with their direct X revision (as well as Halo) releases but even they will be wary of the current physical limitations of CPUs and GPUs and even ram with reguards to frequency, leakage and temps.
If Sony were to have known that PS2 was going to be a viable console ahead of time or if they would have just taken the risk for it, they would have released PS3 at least 2 years later when a 65nm CPU and GPU were possible but then that would have made bigger problems with an established competitor in MS and the problems that brings even if they could launch at a lower price but they did not and the PS3 was limited by the technology of its time.
However a major factor has come up with the economic uncertainty that is prompting consumers to spend less.
Nintendo making huge profits on their console reguardless of tech arguments its technology very successfuly implemented.
the other problem is that the majority of game developers are still not really making games that take full advantage of the complex hardware, this alone may be a big defining factor in this gen lasting alot longer than 6 to 8 years unless Microsoft goes ahead and releases another console.
I just don't see Sony being able to afford to make a PS4 given their current profits, move and natal seem to be introduced for a reason and that is to add four more years, remember that an average game takes 2 years of development time. and this is specially after Sony noticed how long people kept to PS2s.
Nintendo if they so choose to release a next gen console will just not happen until AFTER Microsoft and Sony reveal their cards, after all like them or not Nintendo is number ONE and the Wii will I predict have a very long lifecycle as Nintendo will most likely and is most likely targeting PS2 console sales so after there are at least 140 million Wiis sold, then maybe Nintendo will start their next plans but I don't see it happen because contractors will know they are successfull and will ask top dollar even for cheap and affordable console components, Nintendo's pockets are very limited to the console realm.
Microsoft will most likely play it safe but I predict that they will go first and release a new console, they have the deepest pockets of the three, I mean really unless there was a threat to MS Windows sales there is no trouble for MS's income.
chip engineering and fabrication processes no matter how afforable they may make next gen chips or cooler running are not cheap by any means it takes alot of man power, engineers, research and development and more and more currency to make things like a next gen console possible and by far with the current economic climate it just does not make sense to make a new console unless you are able to take the losses Sony was able last time because they tought they could depend on their established user base that embraced PS2 even when people were selling them on ebay for well over the retail price back in 2000 and of course it did not happen and they are not going to rely on that idea again even if they make a cheaper to produce console.
Microsoft has a better chance because of their shooter market sales that spawned the X360 and has kept it alive and burning the charts with first person and third person shooters as well as Halo series.
Most likely the next consoles will support 3d HDTVs as a standard but that is going to take years.
Also sure the PC is so advanced but all of those components run hot, run loud and worst of all run idle as PC game devs are just not retooling their games for multiprocessing as evidenced in a recent CPU magazine article I read and then there is all that piracy that is out of control and how do you hope for next gen games if the man power is not being paid for the labor or you as a consumer complain about the price of admision.