We've got a long road ahead.

 Face it the videogame industry has come a very long way since it's inception. From Pacman to God of War the industry has grown and adapted with each new generation of console, whilst the pc has remained in the fight determined to hold his ground. But now with the new generation about to peek heads out and emerge, the only question that will be asked is: "What's new?"
A question that is jet to be answered so let's speculate!
Microsoft will definitely apply a graphics upgrade to their new console perhaps even greater integration with you're Kinect or maybe kinect even built in from start. Hopefully they'll give developers a year's head start on creating games before launch so that they can get to grips with the software. A slightly larger hope is that they will fork out more cash to certain development teams and get some PS3 exclusives over to their side. And getting rid of the need to pay to play online would also be great.
Sony, on the other hand is an entirely different goat. Perhaps we'll see a better network coding for one and maybe even a slight tune up in their already graphic powerhouse.
The Wii U though is probably the most interesting of the bunch with its tablet controller, which could abolish the need of pausing your game to go into the inventory forever.
But in my opinion I am definitively heading to Sony next generation. There are much more exclusives and I am sick of Microsoft charging for every little thing and not providing proper support to paying customers.
In any case though, a lot more gaming bliss awaits us.