What point of reference are you using for the console HW to not be good enough? As both the PS4 and Xbox One struggled with 1080p @ 60 fps from day one (most games are either 30 fps@1080 or 60 fps @ variable resolutions). Even if we said 2 years and the console HW is then holding games back, who wants to spend £4-500 every 2 years for a new console? I would say a 5 year cycle on consoles would be a sweet spot but for a few years they will still hold games back. Just my opinion of things as a gamer who games on both consoles and PC.

True, but if you keep the model of new consoles every 10 years, that bottlenecks the games. Since gaming industry seems cater to console players mostly, the gaming tech progress is getting slowed down. This business model doesn’t seem to cut it anymore. I see couple solutions – game studios drop console supports once the hw is not good enough, release new consoles more often, or have them upgradeable, which is basically a PC. Personally I’m for the 1st option, but I suspect you won’t agree. 🙂