It makes sense to me. Here's why:
1) Generally I think most consumers aren't ready for a new console, not to mention casual gamers probably wouldn't be able to tell the difference in graphics this time around for a next gen console. You know how a lot of you guys have your little graphics wars, comparing texture to texture? Yeah... casual gamers don't care about that.
2) Game developer costs will remain relatively the same
3) There's all this talk about NGP/Vita compatibility w/PS3
Sega 32-X didn't work in the past, but with today's economy things could be different.
I predict an announcement at E3!
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