I think Sony and Microsoft are way more consistent then Nintendo is right now, at least Microsoft and Sony aren't trying to shoehorn Kinect or Move controls into any of their first-party games like Nintendo seems to be obsessed with doing.
No the industry should not go back to the 16-bit days, people who say gaming was better back then are looking at it through rose-tinted glasses, to quote Larry Bundy Jr(AKA Guru Larry, creator of the awesome Youtube series "Fact Hunt") "gaming was always shit", and i'm saying this as someone whose first console was a Genesis, for every good game on there, there were at least a dozen really shitty ones that had no business getting released(I.E. Dark Castle, Back to the Future 3, Heavy Nova, Awesome Possum, Mary Shelley's Frankenstein, Cosmic Carnage, Shaq Fu, The Immortal, Socket, etc).