Expecting another evolution of Xbox in 1-2 years is naive. It won't happen---I say this assuredly.
Current gen systems will outspan previous iterations. Video Games are big players in the entertainment industry now. What we've seen with Halo 3, COD 4, and the Wii is a perfect indication of Video Game culture indoctrination into main-stream society. It isn't a niche hobby anymore. Games are HUGE on multiple levels. They're popular sure, but they also suck up a ton of resources. AAA Titles have budgets like Summer Blockbuster Bay films. Dev teams consist of some 200+ people not 2-20.
Some of the biggest games, in fact, haven't even been given release dates. (Alan Wake, APB, etc) I predict that some 2-3 years from now we'll still be playing our 360's and PS3's---middle-aged women will have lost interest with the Wii-altogether I think 2-3 years from now there will be another Wii, simply because the gimmick will have lost most of its' appeal. Unfortunately, my crystal ball shows a small area of the 360 being transformed into Wii-arm throwing-controller wiggling mockery. But this will be short-lived or at least over-looked. (MS just doesn't do "casual" very well).
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