I just hope it is a slow transition. I'm perfectly happy with my 360, and don't need to trade up anytime soon.
I've been a day one adopter since the N64 came out, but after the Red Ring of Death fiasco, I am never going to buy another console on or near launch ever again, so FS better not jump ship to the new console immediately. I'm going to join the smart crowd this time, waiting for the price to drop, and the hardware to be revised, before I plunge into the new generation. That usually takes 2-3 years after launch.
When you look at a game that's available on both PC and 360, the graphics are always significantly better on PC, plus the frame rates are higher.....so it's time for consoles to catch up.