I could just about stomach having to buy the new Xbox in 2014, but ideally I don't want to have to buy into the next-gen until 2015 or later because at the moment I don't see any point. All we're going to get are nicer looking games and as I've said before, developers and the majority of gamers are far too obsessed with how nice games look. Developers should be focussing their efforts on making better games, not prettier games. Crysis 2, for example, was an absolutely stunning game considering it's running on tech that's 5 years old but the first half of the game was one of the most boring things I've ever played. I would have preferred the whole game to be great and not look as nice.
Plus you know Microsoft will either ditch backwards compatability altogether or botch it up like they did with the 360. The thought of having to shell out around £300 for a new console and have games actually cost their RRP (so around £50 a go) isn't appealing.
And waiting another few years to release a new console might mean we end up with a machine that actually works properly and doesn't overheat when your next door neighbours switch their central heating on.