It might feel like the current systems have only been with us for five minutes, but Sony, Microsoft and Nintendo are already planning their next moves, with all three likely to reveal their intentions over the coming months.
With Sony seemingly content to bide its time and Nintendo not expected to launch its N5 console until 2006, Microsoft looks to be leading the way towards the next generation.
First there was the recent unveiling of the development platform, XNA, and now this week there have been reports suggesting the company may be targeting a mid-2005 launch for Xbox 2.
Of course, Microsoft has already stated its intention to get a head start on the competition with the next round of consoles.
But this still seems a little early to be thinking about launching the successor to the Xbox, which itself only arrived in the UK in March 2002.
Whether the mid-2005 launch date proves true or not, Microsoft's next console seems certain to be the first to arrive.
The reasoning for this is fairly obvious: such is Sony's current dominance of the market, if the Playstation 3 arrives first then the war could effectively be over before it has even begun.
However, Microsoft's plan isn't foolproof: launching first can leave a console open to claims that the hardware is underpowered.
Remember how the Dreamcast was suffocated by the pre-release hype for PS2, despite the technical differences between the two machines being less significant than early reports suggested.
Equally dangerous is the fact that Microsoft risks alienating its existing customer base by dragging them into another console war before they are ready.
Of course, we all like to see technological advancements, but with the next generation likely to present a smaller leap forwards than we saw last time, there is a feeling among many gamers that there is no need to rush things.
It is a sentiment that is shared by EA's general manager John Schappert.
Last month he warned developers not to be too ready to jump ship to the next generation, since there is often a huge amount of revenue to be gained by continuing to make games for the existing consoles.
He may have a point - even with the price drops seen in the last couple of years, consoles remain a significant investment, and gamers want to see a reasonable return on their outlay.
If the PS3 arrives, as expected, in 2006 then the PS2 could justifiably claim to have had a decent run, but could Microsoft say the same of the Xbox if a successor does indeed arrive in 2005?
Microsoft has worked hard to build up a fan base with its first console, but to launch a successor so early may upset those who have supported it - especially the 'early adopters' who purchased the machine at launch for £300.
It isn't just about value for money, either. Traditionally, a console's best titles tend to appear towards the end of its lifespan as developers take advantage of the experience they have accrued working on the machine.
Cut short the lifespan and you take away from this fertile golden period.
There is a counter-argument that says that just because a console is superseded it doesn't automatically stop having new games developed for it.
But there is a limited amount of development talent, and if everybody rushes off to work on a new machine then it rather leaves the old one in the lurch.
From a technical point of view, games such as the forthcoming Gran Turismo 4 indicate that we are now reaching the peak of what the current generation of consoles can do.
It would be nice to think that over the next year or two we'll see developers really use their knowledge of the platforms to produce some classic games.
The launch of a new console is always an incredibly exciting event, but it is important that gamers get good value from the machines they already own.
With Sony seemingly content to bide its time and Nintendo not expected to launch its N5 console until 2006, Microsoft looks to be leading the way towards the next generation.
First there was the recent unveiling of the development platform, XNA, and now this week there have been reports suggesting the company may be targeting a mid-2005 launch for Xbox 2.
Of course, Microsoft has already stated its intention to get a head start on the competition with the next round of consoles.
But this still seems a little early to be thinking about launching the successor to the Xbox, which itself only arrived in the UK in March 2002.
Whether the mid-2005 launch date proves true or not, Microsoft's next console seems certain to be the first to arrive.
The reasoning for this is fairly obvious: such is Sony's current dominance of the market, if the Playstation 3 arrives first then the war could effectively be over before it has even begun.
However, Microsoft's plan isn't foolproof: launching first can leave a console open to claims that the hardware is underpowered.
Remember how the Dreamcast was suffocated by the pre-release hype for PS2, despite the technical differences between the two machines being less significant than early reports suggested.
Equally dangerous is the fact that Microsoft risks alienating its existing customer base by dragging them into another console war before they are ready.
Of course, we all like to see technological advancements, but with the next generation likely to present a smaller leap forwards than we saw last time, there is a feeling among many gamers that there is no need to rush things.
It is a sentiment that is shared by EA's general manager John Schappert.
Last month he warned developers not to be too ready to jump ship to the next generation, since there is often a huge amount of revenue to be gained by continuing to make games for the existing consoles.
He may have a point - even with the price drops seen in the last couple of years, consoles remain a significant investment, and gamers want to see a reasonable return on their outlay.
If the PS3 arrives, as expected, in 2006 then the PS2 could justifiably claim to have had a decent run, but could Microsoft say the same of the Xbox if a successor does indeed arrive in 2005?
Microsoft has worked hard to build up a fan base with its first console, but to launch a successor so early may upset those who have supported it - especially the 'early adopters' who purchased the machine at launch for £300.
It isn't just about value for money, either. Traditionally, a console's best titles tend to appear towards the end of its lifespan as developers take advantage of the experience they have accrued working on the machine.
Cut short the lifespan and you take away from this fertile golden period.
There is a counter-argument that says that just because a console is superseded it doesn't automatically stop having new games developed for it.
But there is a limited amount of development talent, and if everybody rushes off to work on a new machine then it rather leaves the old one in the lurch.
From a technical point of view, games such as the forthcoming Gran Turismo 4 indicate that we are now reaching the peak of what the current generation of consoles can do.
It would be nice to think that over the next year or two we'll see developers really use their knowledge of the platforms to produce some classic games.
The launch of a new console is always an incredibly exciting event, but it is important that gamers get good value from the machines they already own.
