The PS4 is coming out next month but thats not to say the Playstation 3 doesn't have life left in it, although it might not be as long as you think. Worldwide Studios president, Shuhei Yoshida, in an interview with Games Industry, said that while the PS3 won't get the 5 years extra that the PS2 enjoyed, it still has a good couple of years left.
Microsoft already announced it's intentions to keep supporting the Xbox 360 until 2016 with around 100 new games for the system. Sony will work with a similar time frame although Yoshida did say, naturally the amount of AAA titles will deteriorate, but with digital and indie releases Sony will look at supporting PS3,PS4 and the Vita.
“We'll continue to support PS3 in a way that makes sense, especially the digital games that we work on – but our large teams, our AAA release teams, are transitioning from PS3 to PS4.”
Continued support for the PS3 is necessary because while the it's doing well, not everybody who wants one has one yet. There are always people who come really late to a cycle or wait for massive price drops, and those people are going to want to play games too. The same goes for people who can't afford a new PS4 right away, they can continue to play on the PS3 for a bit longer without missing out on absolutely everything.
KitGuru Says: I have a wishlist on Amazon filled with about 50 PS3 exclusives I never got a chance to play because I missed out on the cycle, so I understand that there are late comers. Gaikai was supposed to be the PS4 alternative to backwards compatibility but that is only going to be available in the US for now, Europe just doesn't have good the Internet speeds for it yet. Are there any games you guys missed out on this generation?