It's lasted a while, so I think the industry's ready. I don't think developers are though. Spector's just come out and said recently that graphics will be the end of dev studios. I think he's blown it out of proportion a little, but I see where he's coming from with the costs n everything.
Whilst I won't be getting any next gen console til the price drops from it's RRP and there's a decent enough library of games, I'm lookin forward to what comes out of this.
On the flip side, this gen might not die out so easily. It took the PS2 a while to be killed off, and with the XBLA, PSN and Wii Stores still goin strong, this gen will have a lot more life left in it than it's supposed death sentence suggests.