To be honest, even today they would fail. If you think about it, MS has as much money as Apple and when they entered the market they had at least a decade of experience with graphics API because of DirectX. Even with all that, they never managed to win a gen and dominate Sony (a company with financial troubles) and Nintendo (a much smaller company than MS). Other big guys like Phillips and Panasonic failed hard too. It's a harsh market and it can't support more than 3 or 4 guys at the same time.
Taking in account the big IPs the big 3 have, it's probably suicidal to enter in this market (I'm looking at you SteamBox). Despite that, unlike MS, Apple isn't that good in development tools and APIs. The Android SDK is much more robust and the WP SDK is much easier to use.