I'm really waiting to hear what's new. How will the next generation consoles change the gaming landscape? It doesn't have to be anything radical, but we're definitely at the point of graphical diminishing returns, so I'm not sure having more polygons is going to be enough this time around. Actually, what I'm most interested in at the moment is Xbox's included Kinect. Since it's apparently required in order to play games, I imagine they're going to do some very neat convenience stuff. Recognizing players and automatically signing them in and out of profiles, for example. Pausing games if you have to jump up to get the door. That kind of thing.
Graphics are neat, but they probably won't get me to buy at launch this time around if that's all there is. I guess what I'm saying is that I still haven't seen a killer app yet.