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I would've thought the first line of the OP would've caused more uproar than it has among Nintendo fans by now.

Anyway, no. They're both incredibly insular these days. They'd collaborate, but each would want it to be on their own terms (i.e. Nintendo/SEGA lately; drawing a blank on a decent Sony example at the moment). And so it'd fall apart just like it fell apart in the 90's.