Sources in the gaming industry have recently revealed to Kotaku that both Microsoft and Sony will be introducing their next generation consoles in 2014. Recently, news about Nintendo releasing a hardcore next gen console by 2012 surface the net, but it seems that both Sony and Microsoft will be waiting this out and keep milking their current consoles. Nintendo have always led the way when it comes to the gaming industry, this might be because they do not simply target hard core gamers, but the entertainment industry as a whole, so i see why competition will leave Nintendo unopposed in the next gen and lead their own way.
News courtesy of Kotaku