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I think the industry would be a better place, but that's just me.

Sega would've pushed online and Nintendo would've followed, so I don't buy the "only Sony/MS could bring online to consoles". Sega was already doing it with the Dreamcast before anyone else really.

Nintendo would be a different company too, more core-centric, because they wouldn't have to worry about having that market cannibalized by Sony/MS.