The Switch, in handheld mode, is more equivalent to Xbox 360 or PS3. In docked mode, Switch is a modest step up from those 7th gen consoles. That said, Switch even in docked mode, is not even remotely close to the OG XBone, much less the OG PS4.
Also keep in mind that Wii U was huge step down from 360/PS3 in terms of CPU power, and more or less on par in terms of GPU (less performance, but better features).
The last time Nintendo had a home console that was equivalent to its immediate peers in terms of hardware, was the GameCube in 2001.
Now as far as console generations and 'next-gen', we at least know that Sony still believes in generations. They've said as much on a number of occasions (Mark Cerny, Shawn Layden). And as much as Microsoft likes its PR spin, I have little doubt they will come out with an Xbox equivalent of the PS5.
It's really only a question of when next-gen consoles get released. Holiday 2020 or Holiday 2021.
The PS5 has probably been in development since late 2015 or early 2016, once the PS4 Pro hardware was finished but before it came out. There have also been rumors Microsoft started designing the next Xbox around the middle of 2017, before Xbox One X came out.
It's really only a question of when next-gen consoles get released. Will it be Holiday 2020 or Holiday 2021. I highly, highly doubt it'll be 2019 though -- 2019 is just too soon.
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