Sssnake posted some choice bits about the PS3 in the other consoles forum, I believe.
Speaking of that, I think that the next "big" move for games technologically will be CG quality real-time gameplay graphics. And 10.2 capable sound for consoles/computers.
I don't think that actual taste or smell could be simulated unless the computer somehow hooked directly into the brain to simulate such things by stimulating the taste and smell senses directly. That's possible, I'm pretty sure.. but a ways off. Say 2060? We'll all be too old to get 'em by then, most likely. But then again who knows, by then we could have discovered the cures for a wide range of diseases and aging problems.. *shrugs*
On an off note, those of you who would enjoy a glimpse at the "probable" technological future should go see Minority Report somehow.. In the making of that film they actually consulted with professionals/inventors/generally smart guys to see what kind of technology is likely to be developed and CAN be developed in the not-so-distant future.
Just thought I'd mention that.