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Three hardware makers basically doing the same thing isn't "competetion". It's a slaughter for one of the three.

That's not necessarily good for the market because the "third wheel" company gets screwed over. Was it "good" for the gamer to have Sega razed to the ground and become what they are today? Hell no. Sega being Sega of the 90s/early 2000s was far better for the gamer.

"More competition = good for the consumer" is actually one of the false pretenses of the industry I think.

You need basically just 2 companies to have competition and to keep the other honest. After that you just get into over kill.