If the PS4 does come out, I really do hope its compatible with the PS3 games, it irritated me at first when the slim ps3 first came out and it wasnt compatible with PS2 games. Never the less, I'll still buy one
No way in hell they're not making another Xbox but I doubt they're naming it the 720 because, well that's just not as catchy. Probably something like "Xbox 2" or something, but I may be wrog.
The PS4, which I think it's going to be named that because they just do standard numbers, not random shit^, is going to be released but it's hard for them to actually upgrade it (from my view) because it's essentially perfect, but I don't use my PS3 anymore so I wouldn't know.