Yeah, no competition might eventaully lead to the end of the industry (or it becomes horribly worse than before). We as consumers would get crap games 90% of the time, there'd be no innovation, no use for powerful consoles, nothing.
No competition = Bad
Anyways, welcome to VGCharts.
But assuming they combined, and there somehow was still heavy competition from some random company, I'd expect (assuming it's this gen) around 360 graphics/power (maybe less so the system ain't too expensive), and Wii-Like controls. I'd also expect some awesome games; a New Super Smash Bros.
Meh, It'll never happen though...

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