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First of all, either is better than modern situation that most games come to all consoles and there's benefits of neither option.
When you have a dominant console, there's quantity of games which inevitably creates some great ones and the challengers have to try wild things.
True competition causes much imitation of what's successful on others, but that kind of clone wars put emphasis on popular genres and that's not necessarily bad thing.

I lean to one-sided. But then again, I only have gen 3&6 consoles, so I'm biased.