I think it's relatively fair but would defer to your view in principle (that you track this more than me!). Other factors I see driving the market (some of which have mirrors in film industry are):
- increased costs and importance of large, tent pole titles, reduction of mid-tier titles and growth of smaller, independent titles
- reduced focused on exclusives and increased focused on multi-platform titles - I beleive this is partly behind the PS3/360 to PS4/XB1 shift. Last gen there were enough key exclusives early on (particularly for 360) to drive both and to encourage higher percentage of dual console owners. This gen I think there is more focus on generally available titles, less compelling interest in exclusives (partly driven by franchise fatigue for certain exclusives) and this is make dual console ownership far less compelling and creating a market where one dominant console will be the focus globally (somewhat similar to PS2 but reduced in install base overall)
I do see - more from my background in demand forecasting - a great deal last gen that to me if forecasting forward I'd treat as outlier demand drivers The Wii (and by extension wii Fit and similar) for a start, Kinect would be another, high regional split for PS3/360, etc. etc.
At the end of the day I have no worries about home consoles in principle but I do see last gen as setting totally unmatchable install base across all three consoles that this gen will fall short of. I see the videgame market (at least as it is currently) as more likely to support one single dominant console with one or more consoles with less software/hardaware sales and more exclusive title sales (both Wii U and XB1 are in this camp I believe with XB1 seeing better general sales due to cross-gen brand influence but nonetheless way down from last gen when in many regions Xbox was the go to console for non exclusive titles).
Handhelds though I believe are - the odd unexpected spike aside - a dying species. The huge growth in mobile smart devices and other competition is simply going to reduce the addressable market hugely. I can see Nintendo surviving in a constrained way but I doubt Sony or anyone else will even try for a dedicated mobile device anytime soon. The odds of failure are high and the odds of success are low and getting lower IMHO.