Those timelines worked because games were being released more frequently. Dev cycles increased exponentially in this gen. We now wait far longer for one new game, which doesn't even amaze you like games on previous gen did. I mean we got entire Mass Effect and Uncharted trilogies in a single gen, and those were (and still are) blockbuster quality.
And the reason we haven't been wow'ed is because they're still wasting their time developing on previous gen (5 years later) instead of giving current gen more focus. Which makes it pointless to upgrade early when the new consoles come around, if they're just going to waste our money and do the same thing.
And to rub salt in it, Sony then gives us a mid-gen upgrade when we haven't even seen the full potential (from a games perspective) of the launch consoles. Nobody cares about some stupid extra fidelity that you need to zoom in to notice, we just want good quality games being released more frequently again...