The question really isn't, "Is this the last console generation?" The question is, "How long will it take for games journalists to start reporting it as such?"
It looks like we may not have to wait much longer for the answer.
Up to now, talk of video game consoles has mostly revolved around the question of which console is winning this round of the console war. It's past time to stop talking about consoles as a separate thing, though, and start talking about video games as a general thing. Sony already says that the main competition for the PS4 is the PC, not the XBox, and I think they're right. All that remains is for gaming journalists to catch up to the reality.