We already know that the Xbox 720, which is already believed to be finished after a Former Microsoft Executive hinted at specs which matched the Speculation and rumors. Not only this, but the Xbox 720 will be unveiled later then the Playstation 4. It will be unvieled on June 11th.
As for the PS4, a design of that has also been leaked, leading to speculation that both systems will feature touchscreens and lifelike graphics. The System will be publically revealed at a press conference on February 20th, putting a end to the rumors.
As for games, 2 games have been all but confirmed for release on the Next-Gen consoles. Those games are Battlefield 4 and Call of Duty: Modern Warfare 4.
I personally am very excited for both. Each of these games will have a massive succes rate. For me, these games will not only sell out in days, they will smash records for sales, and quickly.
In my opinion, both next-gen consoles will do great. Whether the price tag is $400, $300 or whatever, A LOT of people will still buy it. If I have the cash, I will get it. These consoles will have unmatched graphics, unmatched capabilities and best of all, unmatched awesomeness.
If you have a question or want me to research something regarding the Gaming Industry, if you have any info, go right ahead and post in the comments section.