Wikipedia:
"The phrase Next Generation is cited as a frequently-used BUZZWORD, in which case ITS MEANING IS INTENTIONALLY VAGUE, but carries a connotation of newness or modernness."
The term "next gen" does not have a concrete definition, and anyone who uses it as if it does has simply made up a definition for it.
I own both a PS3 and Wii, and the Wii definitely exemplifies the word "new" more than my PS3 or the 360. Then again, I'm not obsessed w/ CPU clock speeds and shader technology like a lot of gamers are today (unfortunately), as if these things given today's standards have any significant impact on how good the games on a particular platform can be.
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