I'm not saying that the current console generation is a replay of the 32/64 bit generation, but there are some uncanny similarities. Both generations had a market leader, a console that was still successful but some flaws kept it out of number 1, and a flop. For this generation, the PS4 is the market leader, the Xbox One is the still-successful runner up, and the Wii U is the flop. In the late 90s, it was the PS1 as market leader, N64 as still-successful runner up, and Saturn as flop.
The market leader position consoles have many similarities. (other than being both Sony) PS4 is market leader because it is the most technically advanced, has an attractive price, and has the most third party support and is building up the biggest library. The PS1 was (arguably) the most technically advanced and was the most well designed, was priced to sell, and had a ton of games and most of the third party support.
The runners-up, the Xbox One and N64, also share some similarities. Both could have potentially been a number 1 challenger, but some flaws kept them in second place. Ironically, both of these flaws involved efforts to prevent piracy. For the Xbox One, its higher price, the Kinect integration and the DRM scheme that Microsoft was going to implement. For the N64, it was the cartridge format. Both of these were worked around; for the Xbox One, the DRM scheme was removed, and Microsoft has had to work to dispel earlier rumors. Both consoles are made by companies Still, third party support and game library are a little shy of the PS4, though the system still has enough strengths to be successful.
The flops are the Wii U and Sega Saturn. While these systems can be appreciated for what they are, they have flaws serious enough to restrict them to a limited market. Both had designs that focused on the wrong things, and both had poor third party support, and both were or will be retired early. The Wii U's design focuses on the same "motion control" gimmick that got Nintendo by on novelty during the earlier Wii era, but as for technical specs, it's far behind the Xbox One and PS4. The Sega Saturn was a 2D-focused design, but this was 1995 and 3D was the big thing. Third party support dried up after about 2 years with the Saturn, and it's drying up with the 3 year old Wii U. The Wii U has the Nintendo classics, the Saturn had the Sega classics. System sales surge when one of these big name games comes out, then quickly dies down. The Saturn lasted 3 years, only half of what the N64 lasted, let alone the PS1. The Wii U is also 3 years old now, but generations are lasting longer. But with the NX set for release probably in 2016 or 2017, a 5 year lifespan for the Wii U is really pushing it. Most likely it will be somewhere between 4.0 and 5.0 years.