I think the question should be 'could the console industry ever crash again', because this question basically neglects the issue of the PC, a platform which never went under. (Thus by extension Nintendo did not save gaming, only console gaming).
But yeah, the console market could easily crash again. And I'd even say current trends seem to point to the environment which caused a crash last time (ie, lots of competitors, low quality licensed titles, influx of unloyal and disinterested casual markets).
But as a whole? The PC is sort of a safety net. As long as modern society uses computers, someone will decide to put games on them, whether they be professionally developed or indie. Consoles have no such luxury, they don't have uses besides gaming (and even their alternate uses as media players and web browsers are too inefficient).
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