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Without console exclusivity or a console war the customer would lose out if the console were monopolized by one company they would sell console at a much high retail price. There would be less focus on adding extra contents and increase overall game quality. We the customer dictate overall quality and expectation with our buying habits and our tolerance level for particular retail price.

I think cloud gaming will soon change the landscape of the gaming industry, Instead of Console war, you will have software and peripheral (controllers and any other add-ons devices) war. The focus would finally switch to where it truly always been software.