I agree with everything in the video, and I think the odds of this console generation causing another industry crash are pretty high.
I've loved console gaming since the 8-bit era, and have usually had more than one machine per generation, but with the way things look for the next gen I've decided to build a dedicated games pc and attach it to my tv. With the console architecture aligning with PCs, ports should be better than during the current gen, and the specs are much closer to an average rig than in previous generations.
Consoles have lost pretty much all the advantages they once had: they're expensive (especially when adding in extra costs like subscriptions and peripherals, and overall higher price of games), they're almost as much hassle (I have to enter a code for almost every game I play, install it to the HD, (re-)download updates, etc.), and are likely to restrict what I do with my games (used game restrictions/can't lend).
With both the PS4 and XBox One lacking backwards compatibility, there's literally no incentive for me to stick with them on account of my existing library. I'll miss out on a few exclusives but they are mostly going to be sequels to long in the tooth franchises like Halo and Gears anyway.