If you're a hardcore dedicated gamer then you probably know the answer to the question in hand. You'll be likely to upgrade your Xbox 360 to the Xbox One or the PS3 to a shiny new PS4, or even buy both. However, if you're on the fence and pondering whether it's worth it then read on.
First of all, you've got to decide whether you have the money to splash. The PS4 costs £349 and the Xbox One will set you back £429. The latter does come with a Kinect, while the PlayStation 4's camera is an optional extra which isn't a must-have at the moment.
Games are the problem
And that's before you buy any games to play on it. Next-gen games are priced at around £50 a piece, so it's a big investment. The price of games is just one problem here; the bigger issue is a lack of them. Read our Xbox One review.
At launch many titles are already available on previous generation platforms and the games are essentially unchanged, such as Call of Duty: Ghosts and FIFA 14 - a bit of a cop out I think you'll agree. So how many exclusive launch titles will you get if you shell out on a next-gen console?
On the PS4 there are three: Killzone Shadow Fall, Resogun and Knack. The Xbox One is in a slightly better position with standout titles like Ryse: Son of Rome, Forza Motorsport 5, Dead Rising 3 and Killer Instinct.
There are more exclusives, but they are still in development and awaiting release – you'll have to wait until next year basically. It takes developers a while to get to grips with next-gen platforms so you could well be better off waiting until next year when a raft of next-gen games arrive and hopefully the consoles will be lower in price. Waiting will also mean you'll avoid the teething problems such as the PS4's blue lights of death and the Xbox One refusing to play discs.
Another option, is to opt for Nintendo's latest console, the Wii U which has already been on the market for a year. It's struggled with a lack of good titles but a number of big franchises are arriving (namely Mario and Zelda) and the console is now dirt cheap.
You could even, shock horror, not buy a console at all! Why not go grab yourself an affordable gaming PC and stock up on games in the Steam sale and cheaper prices for new releases.
See also: PS3 vs PS4 comparison review.