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E.T. ALONE didn't cause the video game crash 25 years ago. Too many consoles to choose (more than ten, now we have 3 (not including handhelds)) and competition from Personal Computers and probably few other factors caused the crash.
http://en.wikipedia.org/wiki/Video_game_crash_of_1983

Consoles now "coexist" with PCs without killing each other, there are few consoles on the market and bad games made so far are bad and no one gives a crap about this...no Video Game Crash will happen, definetly not in this or next (eight) generation.