The Wii is still going fairly strong, but I have heard rumors of a new console. The 3DS, which is supposed to be coming out soon, is supposed to have the processing power of the Wii, but in console form.
That's probably not that difficult, given how woefully underpowered the Wii is. I honestly think that's the one big misstep Nintendo make with the Wii - sure, it let them get it out way cheaper than everyone else but it's dating far faster than the 360 or the PS3.
As for the next generation of consoles, I think we're still a faiiir way off on that. Microsoft and Sony had to eat some pretty big losses on selling their consoles early on due to high cost of making them, so I think they'll stretch as much life out of them as they possibly can.
Couple that with the fact that there isn't really a pressing need in the form of the consoles lagging behind in processing power and graphics, and I think it will be quite a while before we see the Playstation 4 or the Xbox 1080. May see the Wii 2, though.
Edit: Oh, in reply to the actual post at the start of this thread:
In a nutshell, I think you're completely wrong. Fallout:New Vegas is one of my favourite games of all time now, and it's one I have got a lot of playtime out of. Does it equal my playtime on Baldurs Gate 2 yet? I don't think so, but that's because when that came out I had way more free time to play video games. I think the mainstream industry may have become a little bit more 'safe' to protect the massive investments involved, but the sheer expansion in artistic quality of games now(with full voice acting, excellent stories and fantastic graphics) kind of makes up for it.
Not to mention that indie games are really pushing the boundaries of games, now that they have vectors to easily get out to people with digital distribution. All in all I think it's an exciting time for gaming.