I think we're past the 10 year cycle, the PS3 may be in sales for 10 years, but they will not wait 7 years untill they drop PS4 or w/e. In 2 or 3 years PS4 is going to drop... If Nintendo reveals Wii HD or Super Wii ^^ or Wii2 or w/e they're going to call it , by the end of next year, with better graphics and god knows what Nintendo will think of next, it will not take much for casual players to switch!
Think about it... the multiplatform games with same graphics for wii, but 3D will be smoother, Mario HD 3D... All the other Nintendo Exclusives in HD with or without 3D, Blu-Ray... Internet support from the get-go, motion controllers + "the god knows what nintendo will do next" , it wont take me long b4 i buy it.. not switch... but def buy!
And god please don't let Microsoft drop their next console b4 Sony, it would just not do good 4 Sony (Only if Sony has something amazing planned.. then who knows).
p.s. I do like Xbox, i have it.. had All 3 consoles , but i sold my wii cuz of "major dost collection" that was on it and just bought another PS3.