Just thinking out loud here, but it seems like the Saints Row franchise is set up pretty nicely to time up with the new launch of hardware. If the scope and craziness of the game is supposed to go up by the next iteration it only seems fitting that it be powered by a new machine, thoughts?

It's what I'm assuming as well. I'm hoping it won't be a launch title, though. Open world game like Saints Row built within new, alien hardware? MADNESS! And in this case it wouldn't be the good kind.

I doubt it will be a launch title, those will most likley be console exclusives. But I could definitaly see it come out in the first year, assuming 2013.

I hope it's not a launch title, as launch titles never really showcase what the system can do in which case, the improvements will probably be marginal. 
 
I wish they didn't take out spinning rims :(

Not a Next Gen launch title but most probably will be released next-gen.

Exciting times, gentlemen!