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DonFerrari said:
FF VII made PS1 relevant and other games that depended on the CD to have the cutscenes may have not gone to PS1. That wouldn't be a reality I would like to live on.
But Nintendo relationship with several companies were already on shake basis so perhaps not all would change.

Square and Enix were the ones that mattered the most by far, and they were pretty Nintendo-loyal.

Namco had always had a bad relationship with Nintendo ever since their dispute over re-negotiating Namco's licensing terms for the NES, so that wouldn't have changed. But Tekken on its own wasn't enough to turn the tide for Sony. 

Capcom and Konami would have been multiplatform. Konami was Nintendo's biggest Japanese supporter on N64. Sony might have tried to get MGS as a PS1 exclusive anyway, but MGS wasn't as huge of a series sales-wise as its fans like to make it out to be.