During an interview with Industry Gamers, creator of Ultima, Richard Garriott had a few things to say about consoles. He thinks consoles will be extinct in the near future. Really...
With consoles multi-billion dollar, long-term investments for companies such as Sony and Microsoft, it is a bet. A big one. Longer development cycles are now the norm, with both companies touting a 10-year life cycle for this generation, and we're already up to seven years now.
Consoles are also now faced with super-tough competition from what seems all sides. Smartphones are more powerful than ever, tablets will receive quad-core chips within days thanks to NVIDIA's Tegra 3 and the first Tegra 3-powered tablet, ASUS' Eee Pad Transformer Prime. Social gaming on PC is not helping with companies such as Zynga having over 100 million active users on games such as CityVille.
I think we might get one more generation, might, but I think fundamentally they're doomed. I think fundamentally the power that you can carry with you in a portable is really swamping what we've thought of as a console.
I tend to agree, with the pace of mobile chips right now, I just can't see a 10-year next-gen console life cycle. PC technology is just so much more advanced, yet games are held back because of the investments Microsoft and Sony have made.