The thing is, customers are already balking at paying $60 for games, and Sony has amply demonstrated that they aren't all that keen on paying top dollar for someone else's idea of cutting edge tech, either.
If there's one thing certain, it's that games aren't going to get less expensive when they have to pay back the budget spent on creating those even more technically and graphically demanding titles.
My grim suspicion is that the next generation of hardware, whenever it does come about, isn't going to herald the end of a videogame downturn; it's going to presage the next video game industry crash.
I think we're where we need to be, economically speaking: putting out hardware that bolsters the capabilities of existing consoles (Kinect, Move) relatively inexpensive new hand-helds (3DS, NGP), and thinking of new, multipurpose devices as games platforms (iPhone, Android, and to a lesser extend tablets and netbooks).
Those realities aside, Guillemot's comments feel like blame-shifting. The conventional wisdom (as chronicled in any number of articles here at the Escapist, as well as elsewhere) is that the lack of innovation and tendency to stick with "tried and true" franchises see much of their guilt laid at the high cost of creating AAA-content, the need to have some certainty of making those costs back, and the general condensation of the number of big-name video game publishers. A new console under the tree, as I explained above, isn't going to help any of that.
I also rather feel that designers still aren't getting everything out of the existing hardware that they could. We usually see a revolution in the waning years of a console, games that make players go, "Wow, I didn't know [console x] could do that!" It's evident in games like Battletoads for the NES or God of War for the Playstation 2. This generation has, to a degree, fallen back on gimmicks as the selling point rather than innovations in programming. And today's games, to my jaded eye at least, don't really look or play significantly better than the ones of two years ago. Where's that last gasp of innovation?