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I'm sure the next PlayStation will run x86..
Given Sony's reliance on compatibility, I doubt it. Most if not all PS3 games would have to run under the PS4 and this means at least giving it a Cell as well as the x86 - as with PS2 and PSOne compatibility - or of course providing an x86 processor capable of emulating the Cell (at least through whatever APIs they have available) or translating SPU code to x86 (probably Larrabee) and scheduling it properly.
I somehow doubt they will manage that AND manage the difference between the graphics cores (nVidia's GSX to the Intel core). Maybe they'll do it by shipping at $699 again.
Nintendo may move to ARM. They have an ARM core in the Wii already, so moving the console to a full SoC model (ARM CPU + all peripherals in a single unit) would be a benefit, but no ARM could pick up the task of emulating a >700MHz G3 to play Wii games. Again they may well just integrate the entire console into a single chip and then add the G3 for the time being in the same relationship to the way it is done in the Wii now (Broadway is the G3, Hollywood is an ARM SoC and ATI graphics core) just with a MUCH faster ARM CPU inside (Cortex-A9 maybe?).
The alternative is fine a better PowerPC processor to get the performance they'd need to run games in HD (supposedly the next step for the Wii). I can't even think of one and I look at this stuff every day. Maybe they will get a custom core built by IBM based on the G5 or Xenon or Cell (which would then give them instant compatibility with the G3 they have right now) but if IBM are intent on selling their chip division.. good luck!
The key will be using a compatible graphics core, and they did really well with the Gamecube/Wii and ArtX/ATI, so no problem here. The new Wii will probably ship at $249 again. Good ol' Nintendo :)
Microsoft have the same problem as Sony - somehow emulating a 3.2GHz, triple core, triple threaded processor on a new x86 chip. While they don't have to handle the SPUs, I think emulating SPUs by doing code translation would be easier than mapping raw CPU performance to a new x86 chip. I simply doubt they will be able to do it. But the graphics core will probably be ATI again, so they have a good chance of keeping some reasonable level of compatibility as long as they have a reasonable performing replacement they can map 6 concurrent 3.2Ghz-performance-expecting threads to under emulation. Maybe. They have 2 years of development until we even get a hint of what the console might be, plus the reliance on DirectX and managed code (.NET CLI) as development platform may mean they can get rid of a lot of the emulation requirement.
I am pretty certain that nobody is going to stick with PowerPC for any other reason than legacy compatibility with the installed userspace. Nintendo may be the only ones to integrate a real PowerPC in there but it'll be for GC/Wii games and not for new ones.