Personally, I don't believe for a second that we're not going to get a new console in some shape or form from either MS or Sony before 2014. I know there are arguments why they should or shouldn't wait that long, I just tend to lean towards the side that says they wont want to let nintendo go uncontested for that long.
But that said, it's starting to look like an absence at E3 this year for either future platforms being a very real possibility. After looking at some of the responses people had to seeing the Wii-U Zelda demo again, I think nintendo has a real chance at converting a lot of would-be haters. If they show something like the Zelda demo, something hardcore gamers would love that would just simply be impossible from a visual standpoint on current gen consoles, I think it'd turn a lot of heads. I knew it was important before, but I'm starting to think that it's going to be absolutely crucial for them to have a graphical showcase game available before the end of the year and before any ps4/720 games start getting hyped. Yes, the ps4/720 are going to stomp all over the Wii-U, but if there's nothing substantial shown or teased for either this year, I think it'll be hard for a lot of people to ignore what many presently consider to be nothing but a 360 with a tablet.