Against all odds, the PlayStation 2 is still hanging around, though it's ailing rapidly. According to Sony though, the PlayStation 3 will last even longer. Much longer.
Speaking with T3 (via Computer and Video Games), Sony representatives said, "PS2 was still going strong after eight years, and with the power the Cell processor provides, not to mention the fact that PS3 is inherently future-proof, we see the PS3 sales curve far outlasting that of PS2."
Meanwhile, most analysts seem to think that new consoles will be hitting in 2011 or 2012. The PlayStation 3 is indeed a powerful console, so it'll be interesting to see if developers can continue unlocking the machine's full potential four or even five years down the road.