People have to remember that last generation was very long. From what I understand, Sony and MS were actually expecting to squeeze a little bit more out of their consoles than they wound up getting, but frankly things were pretty dire there towards the end, on both the performance and creativity sides of things.
If they come out with new consoles in 2020, that would basically be an old fashioned console cycle. Actually, even more than old fashioned - the PS1 and 2 both had 6 year lifespans (1994-2000, 2000-2006) and if new consoles come out in 2020, the Xbox One and PS4 will have had seven year lifespans (2013-2020).
But I don't think we'll see brand new consoles in 2020. I think the extra power boost of the PS4 Pro and Xbox One X (Christ, MS needs to fire whoever keeps coming up with Xbox names) was in part meant to keep the current console cycle chugging for a little longer. If people become unsatisfied with the performance they're getting out of their old PS4's and Xbox One's, they can just buy an Xbox One X/PS4 Pro sometime in the next three years for that extra power boost instead of building a PC like so many people seem to have done in the late 360/PS3 era.
EDIT: Also, worth noting - if new consoles come out in 2020 and both of them are fully backwards compatible with this current generation, I'll probably leap on that train a lot sooner than I did with this generation. Also, don't cut out features. The Xbox 360 was pretty good about letting me play my own music or audio files in the background of whatever game I was playing. Give me that feature back, it was so easy and awesome to use.
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