I think there's some stretching in your comparisons, especially on the saturation of the maket point. People were blind back then, buying games based on word of mouth or brand recognition (E.T. and Pac-Man). Of course when both games ended up being terrible, that was it.
Today we have the internet, TONS of videos before the game even releases, even more people telling you all about the game... really, you have everything you need to know if the game will at least distract you.
But yeah, the market is too big and too old to crash. There are A LOT of people who will always follow the industry and keep an eye on any quality game that releases. And it's a 30-year old industry, as opposed to the 5 or so years it had in the 83 crash. A huge loyal fanbase was created in that huge timespan.
