@OP:
Nice thread kow! But don't be too pessimistic too early, there have already been highs and lows, new highs could follow the current low as middle classes' income in developing countries grows. Also, last gen lasted a lot and its sales are now low for PS3, lower for XB360 and almost dead for Wii (killed by Ninty with a clumsily planned and executed generation switch, IMVHO), while new gen isn't able to fully replace their sales yet, as new ben libraries widen and HW prices drop, we could see an overall healthier market. And PC and consoles never were so close, so there could be bigger savings in multiplat development, this could help too a little.