It's not entirely MS/Sony's fault. A [censored] ton of people [censored] that they can't afford new consoles... every 5 years. Sure they could go ahead and have put out the "720"/PS4 after 5 years, but if no one will buy them, it's pointless. Personally, I say, svck it up, buttercup.
Gaming is a hobby, and if you can't fund said hobby, then you have BIGGER priorities.
$500-$800 every 5 years for a console isn't that bad. If you saved $10 a month for 5 years, you'd be good to go.
Most IT dept's replace PC's every 3-4 years. Private individuals are a bit more varied, but does anyone (interested in gaming) still use a 7 year old PC? Newer software needs newer machines. Trying to support the same platform for 10 years is insane, and is the reason a lot of the newer technologies are still lagging.
This, coupled with the fact that the xbox 360 was only comparable to a mid-range rig when it was new is enough to make anyone cry.
On the upside, though, even a crappy rig should be able to play the game at some level. Still, it's a bit disappointing to see another TES game with walled cities.