It is reported that Nintendo has planned its next-generation Revolution console for 2006 launch. The console will be powered by a processor from IBM, codenamed Broadway, and a graphics solution from ATI which is codenamed Hollywood.
Revolution will feature support for wireless internet gaming and be backward-compatible with the GameCube. The next-generation console will use 12cm optical discs and will be about the size of three stacked up DVD cases.
Microsoft recently told the press it will launch the Xbox 360 before year-end and Sony is currently considering a 2005 launch for its PS3. More details at ABC News