EA's Frank Gibeau says the PS4 and Xbox 720 are real and that he's seen them
Speculate as much as you want, but when a member of EA says that he has in fact seen the next generation of consoles with his own eyes, I'm going to be inclined to believe it.
It would be silly to think that EA isn't already working on next-gen games, especially considering the speculation of these consoles making an appearance within the next year. Also consider that Microsoft has said something about the "new Xbox", which was then debunked as to mean they were talking about the next Dashboard Update, but come on, obviously Microsoft was too quick to cover that up.
Enter Frank Gibeau, EA's president of labels whose company has pledged to spend $80 million on next-gen development. During his keynote address, he stated that he not only knows about Microsoft's and Sony's next big machines, but that he's also seen them.
Pretty bold words, though for anyone excited about the next console cycle, this pretty much confirms it. Now we just have to wait until Sony and Microsoft finally decide to let the cat out of the bag.