Personally, I hate the name "PS4", and I hope Sony doesn't use it. I don't think Microsoft will use Xbox 720, so that doesn't really matter. So, what do you hope they name them?
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I'm thinking simply Xbox and Playstation would be a good way to do it, i mean noone is going to get confused between the old ones and knew ones-and if they are then they shouldn't be getting them in the first place.