Sony will try to replicate the PS2 success, aiming for a functional console to go under the grunt of the Xbox sequel.
Aiming for an early release, they will open with guns blazing on the new releases. Aiming to go for the lowest common denominator in terms of traditional games, rather than 'Wii-isms' or casual titles.
Overall, expect a massive shift towards online play (we 'aint seen nothing yet). Given how technology is going, graphics may take a back seat. Consoles will aim towards being developer friendly, hoping to win in a titles war by attracting producers to them with easy interfaces and systems they can immediately grasp.
Think on what the PS2 could do towards the end of it's life compared to the start. Now, imagine aiming for that quality right from the get-go. Thats what i hope to see from the next generation. Graphically, i'm appeased, i want to see innovation and impressive stories. Gameplay twists and crazy concoctions.
And Resistance 3, with 200 player multiplayer.