We already know that there should be a new Xbox One next year, based on AMD's shrunken 20nm system-on-chip, but thanks to Sony using the same APU from AMD, the PlayStation 4 should receive a similar upgrade.
Rumors are now floating around that Sony will adopt the 20nm SoC sometime next year, which should see Sony release a refreshed PS4 sometime in 2015. We're already seeing 16nm technology on the other side of the fence, so a shrink down to 20nm for the consoles would usher in more performance, slimmer consoles, and reduced power consumption. Right now, both consoles are using AMD APU's based on the 28nm process.
Microsoft and Sony haven't had any competition in the console space this year, but 2015 is going to be a very different year for the two tech giants. Oculus VR is positioning itself to release their first consumer version of the Rift VR headset, and Valve should usher in the Steam Box, Steam OS, Steam Controller and much more - competing in the living room directly against the likes of the Xbox One and PS4.
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