The longest lasting console without a successor was the Famicom (aka the Japanese NES) which came out in 1983 and didn't get a successor all the way till 1990. That's a whole seven years but the console also got a disc drive and games had special in-cart mappers and even full sound chips for better graphics and sound. If the next Xbox and PS4 really come out in 2014 that would make them a whole 8 years (9 in 360's case) without a successor. I think it's pretty absurd that the original Xbox lasted only 4 years while the 360 should last so long (and even more ironic considering that it's the most breaking console of all times).
Many 3rd party devs (among them CryTek, DICE, Epic and UbiSoft) already suggest they'd like to get new console hardware and it's hard to think how the graphics of these consoles will look like in 2014. There will probably be a massive difference between them and the PC.
I think keeping the current consoles without a successor for so long will only work if the two console makers turn fully casual (likely) or make amazingly good games in the future (unlikely).
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