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There was no video game market crash in Japan, it was a lively market backed by arcade, in Europe computer came quite quickly to fill the void (Amstrad, Atari, etc.). I really do think this void would have been filled whatever happens.

Whatever happens, more powerful and less expensive devices were coming, people wanted to play games. PC would still be there, someone would have think about making a new console. That's sure Nintendo had such a tremendous impact and lead that for what I call details, about everything would be different : consoles, console names, games, gamepad, game market timeline, etc. But the whole picture would not be so different : a massive global market, high tech console, a few constructors, and a lot of studios.