I'm a visuals guy, I'm not into the whole wand/interactive stuff. That being said, I'm not buying the whole 3D revolution thing. Push the graphics to the max and get as real as you can go, then worry about 3D. Put a GTX 480 w/DX11 or OpenGL hardware tessellation and 1gb of dedicated vram and 1gb of dedicated system ram. Then were talking hardcore gaming.
The only 3D stuff that caught my eye was in Vegas back in the early 90's as a kid. Some weird western cowboy story/game with live action where you make the choices that determine the characters actions. That was impressive, no glasses needed for those 3D effects, but it might have been more along the lines of hologram style 3D.
Back on track though, I think Sony is aiming for maximum market penetration before rolling out a new console. As well, developers are still getting better at using what is out there so the hardware can still be pushed.
In summary ...
technology exceeding current offerings? Yes
new consoles in R&D? Probably
when will they be released? When market penetration meets Sony's targets
The Vegas game I'm referring to is called "Time Traveler"*
My feeling is that the technology already exists. The consoles just need a upgraded video processor and some increased ram. The processor is good enough with some tweaking for future consoles but having more ram and a beefed up graphics processor would make large difference.