Advanced game play on new consoles or old consoles.

As we have seen the Gaming market flourish in recent years, It would be nice to know from personal aspects exactly why.
 From Sony to Nintendo dominating the business today, is there anyroom for a new console from another gaming company? Much like Sega Dreamcast or an Atari 2600 in their prime?

Or isit part of how the industry is flowing that Nintendo, Sony and Microsoft are the leading contributors to the industry, not only graphically but financially too?

Although the industry has come on leaps and bounds since 1977, is advanced game play better because of the new consoles or could it be just as good on the old consoles that seem to provide a less complicated and more dynamic state of play?

The rate of innnovation in the industry is largely to blame for the movement of console design, E.g. handheld consoles with HD ready links such as the PSP or 3DS against the Nintendo Gameboy (original). However, is this what people want? is this the aspect that people want to see in this industry?

Does the recent release of Call of Duty: Black Opps, a world renound gaming experience for those of the age above 18, prove that in order for the gaming industry to survive in current financial climates, you would possibly need intergrated gaming? and by intergrated gaming I mean gaming on a global scale? instead of Console Vs Player much like what it use to be.