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If the Wii had never been, the market would have slowly been swallowed up by its own stupidity. Games would have got bigger and bigger budgets and companies would take less risks, meaning every game realeased would end up being the fifth sequel to an already tired series.
Producers would be forced to take less risks and at the same time the market would have shrunk as consumers got bored of playing the 25th WWII FPS this year, with no innovation to show gamers what can be fun and for lesser companies to copy.

It would have been solely up to the PS3 to save the market (again) and at its silly price and obvious BD trojan priorities, it wouldn't have been easy.

I think Sony and MS owe Nintendo alot, purely for injecting life into what was becoming a very boring hobby for anyone who had been into it for a decade or so.

On a personal note, (which wasnt the topic's question by the way), I would have probably played my DS and PS2 a bit more and continued to play the GC for multiplayer, however even now, Buzz on the PS2 is taking a hefty chunk of our beer time.

Screw HD, we don't need you!