I have mixed feeling on this next gen. Obviously the leap from the previous gen to the current one was a pretty big one in every way, from the Xbox to the 360, from the PS2 to the PS3, from the Gamecube to the... err, never mind... But the other two were big leaps.
We saw vast improvements in graphic, HD, 3D, downloadable content, streaming media, and we saw the blessed end of the controller cord and memory card. And later in the gen we saw motion controls come into play on all systems.
What new innovations do we have coming in the next gen? So far it seems tablet and social network integration are the two big things. Do we even really care about that? I don't. Fancier graphics and other pluses that are sure to come with the more advanced hardware will certainly be nice, but it is usually a little ways into a console's life before a worthwhile library of games are available, and early launch titles aren't likely to utilize the new tech enough to make them that much more impressive than the current gen. It has been a long time since a new game has come out that has wowed us, for the last couple of years it has pretty much been more of the same, so a change up there is sure to be refreshing.
Unlike the leap from PS2's DVD player to PS3's BD player, there is no brand new media format the new systems are going to be able to play that most people don't already have a decent player for. Streaming and media serving can already be done fantastically on the current consoles. It would be nice to be able to throw MKV files onto a flashdrive and play them, which the current console's can't do, but not sure the new ones will be able to either (it is a codec licensing thing, right?), and that is easily enough worked around by streaming the files from your computer, which is a better setup anyway once you take the time to do it.
Ultimately, I just don't see any reason to spend my money on an upgrade. I have a good sized backlog of "must play" current gen games that I've yet to get around to playing, and there are a small number of games yet to be released that I am still really looking forward to (Bioshock Infinite, The Last of Us, to name two).
I have a feeling I am going to be more than content with my PS3 and 360 for the next couple of years. The fact that games for those two consoles will start dropping to last gen prices will give me a good excuse to go back and play all those big titles I never got around to.