Of course the cycle this time around will be a lot shorter than before, they released low-mid range hardware that can barely push 1080p@30FPS even on exclusives, thinking that this gen last more than 6 year, when 1 or 2 from now you'll be able to build a PC that will perform these things is a bit naive.
Besides, if the breakdowns are true and it turns out that MS or Sony are not losing much money on these consoles, why wouldn't they make the cycle shorter? Last gen Sony only started to make profit in late 2011, this time around it looks like they are profitable straight from the go. With that in mind making the cycle shorter will have NOTHING to do with making us gamers happy, but just simply a ploy to push out another product, with lots and lots of hype behind it.