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In my opinion the gaming industry would fall to a new low. Nintendo are the only ones keeping the console market fresh. If its graphics you want buy a good PC, if its innovation buy a Nintendo. PS/Xbox already miss out on playing 3 good genras like RTS/Simulators/MMOs due to there basic control systems.
Sony Wouldnt last long either, there already in the negative and with no Nintendo to copy and paste then they will fall next due to lack of ideas.
MS will be the only one left making Consoles which isnt a bad thing but then again if they lack the innovation, then the market dies and the world would become Pro PC (which i wouldnt mind since im a PC gamer)