I see no signs of a crash. I think some people WANT it to crash but that doesn't mean it will.
Every time something does happen, these people start thumping their bibles and try to link it to their agenda, even if the event is a fairly normal occurrence. Developers will fail, publishers will go under, projects will be cancelled, and layoffs will happen. There is no industry where everyone and everything is a massive and continual success.
A lot of the language coming from publisher earnings calls lately has been positive. Many developers are committed to lowering budgets by working smarter and more efficiently. Tools are becoming more refined and processes more streamlined. Last gen was a huge transition, much more so than this gen. I think the situation will continue to improve.
