Gaming itself will slump, everyone is prepping for economic woes.
Sony is doomed, they were doomed before the PS3 release, they're weak.. very weak as an organization. I think I was highly touted for saying that back in the GA/DSR days when we discussed next gen seriously.
Microsoft is doing okay, they'll most likely pull through everything just fine. Just because of the size of the company and the dependence everyone has on it.. I'm currently waiting for my 360 to arrive in the mail, the thing about console gaming versus PC gaming is I can very easily play with others, physically sitting in my room, that's the 'plus' to it.
Nintendo was.. pretty smart, a cheap and loving console, it's allowed them to be one of the top ten companies in Japan (Ironically knocking out Sony). The wii is entertaining, but definately not a hard-core console (yet). I really, more than anything, bought it for the Shop Channel.
PC's cost a lot, co-op (unless you're playing from far away with somone) doesn't have that same feeling. The games require you to constantly advance your hardware... which is also costy. It's really just not economical.