In 2010 it was speculated that we would be able to see a new home video game console of Sony. But it looks like console manufacturers do not even talk about a new generation of hardware.
In fact, Sony as well as other companies do not have desire to create new hardware. And it seems obvious right now, but it was not always like that. Video game systems were refreshed like clockwork on five-year cycle which led to the fact that the last generation of consoles was forgotten for long.
It would be right to say that video game systems have become full-blown media hubs. The Xbox 360 has ESPN, Zune Marketplace, as well as Last.fm. As for the Playstation 3, it owns the video store, the National Hockey League, plus Vudu, and even Major League Baseball. In order to make game consoles more desirable, makers are able to tack on new media services.
Microsoft, Nintendo and Sony are developing big ecosystems that can be used for downloading games. It would be really complicated to move to new consoles. It was decided by makers to update consoles in order to allow external storage and bigger hard drives and accommodate the boom in downloads.
Motion controls have become a second wind for Microsoft and Sony. The Playstation Move as well as Kinect were a huge holiday hit.
In fact, it is not so urgent to update hardware. There is no problem in Dead Rising when fitting dozens of zombies on the screen at once. The Playstation 3 is supportive to 3D due to a firmware update. Current consoles do not have problems with the new technology.