Right now in the gaming world, the main event is Sony Vs. Microsoft. The Xbox 360 will support Toshiba's HD-DVD format, eventually. The Playstation 3 will use Sony's Blu-Ray technology. Which ever High Definition (HD) technology gets adopted by the masses could make or break Microsoft's or Sony's next gen console initiative. And they are both spending millions and millions trying to get an edge above one another.
And then there is Nintendo, hiding in the shadows, watching the two titans waste their hit points (and money) fighting each other. When one falls, Nintendo could potentially deliver the fatal blow, with the Revolution. The Revolution will be a low cost unit, with a huge classic game library and a secret new game controller. They're taking a risk by not supporting HD. A calculated risk, as HD won't be widely adopted until the near end of the next gen life cycle. And they aren't betting the farm, unlike their competitors.
My guess is, if someone is going to fall this next round, it will be either Sony or Microsoft. imho.