The new Microsoft console is likely to come out sometime in 2013 and take advantage of the holiday season. 2014 and beyond sounds more likely the timeline for the next Playstation console. Sony always stated they wanted a 12 year life cycle but this might have changed since this far into the consoles life cycle the cell architecture has been a disappointment in terms of game development and technical issues in 3rd party ports. I don't believe the Playstation 3 will be able to compete with the new "xbox" architecture and development tools. Sony will be forced to play their hand.
I’m armed and I’m drinking. You don’t want to listen to advice from me, amigo.

-Max Payne