I think it's probable what Naughty Dog said could be true. At least for Sony. Their financial situation is precarious to say the least, so they really can't afford to go all out again like they did with the PS3. It would probably be in their best interest to follow Nintendo's example and put out weaker hardware so that they make a profit on every console sold.
We already know Nintendo's strategy for next gen. The rumors surrounding the capabilities of the Wii U vary wildly. Some saying that it's significantly more powerful than the PS360, some saying it's on par with them, and others saying that's it's actually weaker. Personally I don't care about any of that. All I want out of the Wii U is Nintendo games in HD, and that's exactly what they're delivering.
When it comes down to it, Microsoft is really the only one in a position to put out a beast next generation. The question is, will they?