I don't think so. It's not really in anyone's interest to have shorter generations.
Console manufacturers make their money through games licenses not through hardware sales (unlike mobile phones, tvs, etc. ect. that are constantly moving). A new console generation means spending big bucks to ensure they get a significant portion of the consumer base so that third party developers want to make games on that system and therefore pay for licensing. Even if they end up doing poorly in terms of market percentage, skipping a generation ahead whilst competitors stick with the current generation is unlikely to work out. Not to say that there isn't a time, obviously it has happen least the concept of console gaming stagnates and dies off completely, but just that it is an expensive and risky time for console manufacturers and I imagine that they wouldn't want to go through that every other year.
Game developers aren't particularly keen to release games for brand new systems either because they don't yet have as large a potential player base as systems from the previous gen since there are many gamers are waiting for a multitude of reasons (money, enough games they want, that special system seller, price drops, security in the quality of hardware, etc.) before they adopt the new console generation. Costs are also initially higher as they adapt to new platforms and hardware.
Then there's consumers, many of which either can't or don't want to spend hundreds of dollars on a new console every couple of years. As we seem to be getting to the point of diminishing returns on upgraded hardware, there's a more lackluster reception to current gen games too. Or rather what we get from the upgrade isn't as immediately noticeable as the move up from previous gens has been so it isn't quite as exciting, which will certainly slow the adoption of new hardware. Also given how hit and miss backwards compatibility has been from one generation to the next, I'm not sure people really want to have several gaming systems taking up all their room or saying goodbye to all their old games every few years.