We're talking first gen
Also, waiting for the next gen console before upgrading is fine and dandy if you don't plan on playing any new console releases. Give it a couple of years and most major developers will no longer be releasing most of their titles for the previous consoles.
Considering the record sales of the new consoles, I don't think your assumption that a lot of people are going to be skipping this generation is anywhere near the truth. You still can't find Xbox Ones and PS4s on store shelves or online stock, they're selling faster than either company can produce them. There might be a very small pocket of gamers who will, but so far all indications is that most will be upgrading at some point.