I cannot quite bring myself to believe that the recent debut of Ubisoft's Watch Dogs is an example of a "next-generation" game. There are wildly speculative reports from places including Eurogamer.net that it will be a cross-console game, seeing release on the Xbox 360 and Playstation 3, plus their eventual successors, which some are suggesting will be revealed at E3 2013.
I really do not think Watch Dogs will be a cross-generation console release as it risks the general consumer failing to "spot the difference" between the same game on two consoles. I seem to remember looking at puzzlement at Need for Speed: Most Wanted which I'd just enjoyed on the PS2 yet it was an Xbox 360 launch title, then looking with incomprehension at Ghost Recon Advanced Warfighter where a dreadful version was knocking around for the Xbox and PS2, yet it looked superb on the 360.
Ubisoft Montreal are a talented studio, being responsible for many high profile videogame entries in respected franchises, including Rainbow Six: Vegas, Far Cry 2 and Assassin's Creed. They, like other key developer/publishers (DICE and EA, or Rockstar and Take-Two) can consistenly produce brilliant-looking games from console hardware within two years or less of the machine's release. Thus, it would seem to me that journalists in some quarters are engaging in wishful thinking, willingly believing that new consoles are being deliberately held off just because it's difficult to let go of previous assumptions. Each console cycle has often renewed itself every five years or so, give or take a handful of months, but I genuinely believe changes are afoot this time around.
What I'm trying to say in a very long-winded way is that it seems even more likely that the earliest MS or Sony release a new console will be late 2013 or even early 2014, and I agree with this. Strategically I believe both Sony and Microsoft will do everything they can to launch their next consoles within six months of one another, if not closer. This is based on the "death" of the original Xbox once the 360 rapidly approached shop shelves and the headstart it allowed Microsoft as Sony struggled to push the PS3 out of the gates.
All in all Watch Dogs would need to break entirely new ground and unveil itself as exclusive to a new console right now for maximum effectiveness. But that obviously relies on the hardware companies being ready to allow that. They aren't, and so I think it will stay as a brilliant example of a "last hurrah" for the 360 and PS3, rather than the beginnings of the next-generation.