I voted yes on the question. But I totally disagree with the OP.
From what I read/
watched on youtube, that crash was caused by a flood of incompatible-but-barely-different consoles and horrible games (ET and a pac-man clone being the best examples), bundled with total ignorance of the customer by the ones in charge of the industry. The consumers didn't boycott anything (look up the meaning if the following sentence confuses you). At best, they simply decided that gaming wasn't worth their money.
One (being a) poor console is, as mentioned, exxaggerated. Even more because the thing hasn't been released yet (and honestly...with the amount of gaming news coming out lately, it'd be pointless to make any conclusions).
It does, however, have total ignorance of the customer by the ones in charge of the industry. EA's sim city, and that microsoft actually wanted their always-on with the console proves that. They're listening to stock holders or marketeers...the customer is reduced to being but a byproduct.
The main difference is that those marketeers aren't stupid. They'll hold off the crash for a while. But that's the thing: they'll hold it off. They won't stop it. Sooner or later, people are going to be tired of all the cover-based shooting and the games that look exactly like all other games because they cost way too much for the developers to take any risk.