Hmmm, I can see where he's coming from. But there still will be new consoles. Perhaps not like we're used to before hand. I can't see any radical changes from gen to gen. Just "upgrades" of current gen consoles. Like the new 360 with added natal out later this year.
Gee, I sure hope this will be the last generation. Saves me the trouble of choosing which console to buy.
But since both Playstation 4 and Nintendo Wii HD are already in development, there will be at least ONE more generation. Then, hopefully, the console wars will come to an end, after more than twenty years.