I'm really hoping this proves unsuccessful. It's not going to work well (for consumers) unless consoles become modular.
As it is now, with the machines having a fixed spec, lengthy generations with a good leap in performance when a successor arrives is much better suited. I've said it before and I'll say it again now, it also pushes developers to squeeze more and more out of a machine rather than abandon it - you look at the difference between early and late seventh gen games - making the purchase of a console have greater value.
I think it makes for better coders too; they're challenged to push what can be done with existing hardware rather than offload any of that challenge onto better hardware.