There's an older piece from ArsTechnica in link below but other than that it's a bit early to say.
http://arstechnica.com/hardware/news/2009/09/ibms-8-core-power7-twice-the-muscle-half-the-transistors.arsMS and Sony certainly aren't in any hurry to release a new console and since Power7 is a REALLY high-end part it's anyones guess as to what would actually go into a future games console.
Try to remember that the earliest Xbox360 devkits were actually Dual-core PowerMac G5's but that the final CPU in the Xbox360 is a custom, in-order, tri-core design with 2 hardware threads per-core. VERY VERY different from the PPC 970 in a G5 Mac.
Some of the tech from the Power7 could conceivably make its way into the next Xbox??? or PS4 but I don't it will be a direct relation too it.
Awesome sounding CPU though!
Andy
EDIT: i keep forgetting you can't do links with HTML here! Doh
