Are we talking "worse ever possible", or "worst realistically possible"?
The worst ever possible for any console is simple - complete dry up of supply (factories break, strikes, etc..), no units are available - and no units are sold.
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Realistically possible is another story:
Wii: Metroid, Smash & Galaxy will sell units - no matter what happens. Previews + established brand names. A delay to Smash and/or Galaxy would be bad - but not that bad. No matter what is released, its unlikely the Wii will not sell out - considering its selling out pre-Xmas.
So in all truth, supply issues are the worst thing that could happen. Stockpiling fails, and there are massive Wii shortages everywhere - driving consumers to other consoles.
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360: Until we see conclusive proof that RRoD is fixed, this remains the biggest issue. More RRoD stories come out - including some high profile, major reports. Other issues such as disc scratching comes back. Reports of major hacking of Xbox Live. No price cut.
Halo will sell no matter what, and will also be released for sure before Xmas. Delays to Mass Effect and/or Bioshock could be nasty - Mass Effect in particular (almost reaching FF type anticipation).
BluRay takes a conclusive victory, and makes MS's decision to not include HD-DVD as stoopid.
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PS3: As the PS3 is expected to have the weakest Xmas, it has the least to lose. If the price cut fades, and a huge backlash occurs to the price "rising" to $599 - it could be bad.
Sales will also heavily depend on the exclusive PS3/Sony titles coming out. They have a point to prove to gamers (that the PS3 is better than a 360 or Wii), and if they fail to do it this Xmas - the results could prove terrible in the long-term. All four of their big titles getting poor/mediocre sales wouldn't be good (Uncharted, R&C, LAIR & Heavenly Sword).
BluRay suffers over Xmas, and HD-DVD wins the Xmas - with more movies sold & players sold. Movie studios report that either they switch to HD-DVD, or now will support both formats.