I agree, I do think however that next gen is gonna be long, but it's most probably gonna be the last console generation. Seeing how fast mobile devices are evolving. (Ps. I accidentally disagreed)

I do think consoles will become a thing of the past but honestly I could see there being one more cycle after this.

Bandwidth is probably the main issue. A lot of people (and countries) don't have HSI capable of streaming HD quality content. Once HSI penetration is higher globally this won't be as much of a concern.

Another thing would be peripherals. If there is one thing that can keep consoles going it's innovation with regard to things like Kinect/Move and god-knows-what with Nintendo's next system (Nintendo will most assuredly have another system with some kind of gimmick; and I don't mean that in a negative way.) But obviously that is contingent on how well-executed those gimmicks are. If Sony/MS/Nintendo were able to make some kind of full blown VR thing that makes Occulus Rift look pedestrian by comparison, you ought to believe it will justify another console gen.

No one can predict what kind of innovation we will see in the next few years, in the mobile space or otherwise. I think we will definitely see streaming services on mobiles that could effectively replace many people's console needs; however you can't rule out innovation in the hardware space that a mobile and/or streaming services cannot supersede.