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A great article.
One thing I wanted to mention was one of the reasons that the PS1 went from strength to strength was the rampant piracy on the console. Pretty much everyone I know had their games burnt for a few dollars and were able to play a ton of games, compared to the smaller library and expensive carts on N64.
Sony publicly stated that they were outraged at the fact their console was so easy to pirate games for but you can't deny that the fact that games were so cheap for the PS1 had a major impact on the sales figures of the console.