1) As long as it isn't called NCAA or used licenses school names, I don't see any issues. That is why when Bill Walsh college football was released by EA back in 1994, they didn't use all school names (i.e. Notre Dame was called South Bend, etc.). But I don't see anyone buying it. Why spend all that time customizing? By the time people were done customizing the college season would be over....Too much work, in my opinion...
2) Don't look for a new console from MS or Sony until the mid-2010's. The current consoles still have much to be discovered in regards to the technology inside. Besides, with the ability to basically update the current consoles via the internet and with new motion-sensing projects coming into play, I can't see either company investing in a new console when there is money to be had with the current set. Not to mention, both companies are now making money on the consoles so there is no rush.
I, personally, would prefer the next generation of consoles be held off. I want the next leap in console gaming to be a tad more ground breaking. The jump from the PS2 to the PS3 and the XBox to the 360 was not as big a leap (at least initially) as it was from the PSOne to the PS2, etc.....