Sony's PS3, and Microsoft's Xbox 360 have each been out since 2006, and there processing power is falling behind in running new games smoothly. The next generation of video game consoles is on its way.
PS4
The new Playstation is also coming out in time for Holiday 2013. Sony had an official press release on March 20, where they gave a release date and a new trailer, but suprisingly didn't show the actual console. The picture on the right shows the prototype PS4 controller. Its similar to the PS3 controller, but as you can see has a touch pad in the center, and newly designed thumbsticks.
Xbox 720
The new xbox system will be coming out holiday 2013, the name 'Xbox 720' is only speculation, Microsoft hasn't released a name at this point. It's expected that the system will be built around the Kinect, and have voice recognition on most games.
Possible Xbox 720 specs