I think the techies around here take things for granted when the general public doesn't really buy the newest and greatest. The majority of people are fine with even their old 720p "HD Ready" TVs and aren't going to rush to buy new ones just because they're 4k. If new TV tech sold that great then 3D and Smart TVs would've caught on, but they haven't. I expect 1080p TVs to be the majority in homes for quite some time to come with 4k gaming being a niche in the PC gaming area.
With that said, I also agree about the 10year cycle being a plus. Tech that's not part of the "mobile" sector, i.e. phones and tablets, not so much laptops though, and is stationary in ones home isn't though of as something to be replaced often. A TV, BD player, even a PC to, a console falls into that group the way I see it. You buy it because you know you're going to get games on it, that just play, for at least the next 5 years. If MS has nailed the issues they had with the 360 and the One lasts long like the original Xbox did (that thing was a tank, and not just in size), then people will be more than happy to buy it at the higher price when they know it'll be good for so years to come.