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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PS4 is about as obvious as it gets. As for the Xbox... could be anything from Infinity to Nexus to 365 to Prime. Even though the original Xbox's codename contributed to its final name, I always thought MS had a very imaginative, Sega-esque manner of naming consoles. Although I guess Megadrive and its predecessors isn't very interesting, but its American name, the Genesis, is, and all the following systems too.