Nah, the 10 year lifecycle was always just a marketing myth. 5 - 6 years is as long as any console needs.
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Its not just the years, they hadn't really even pushed the last generation to their limits yet. At least not as far as the Xbox and PS2 were. I'm glad the 4 came out, don't get me wrong, especially with all the problems that the 3's split processor caused.