Well, game budgets are running up against a wall. It happens in every industry - too many investors, too many companies, who over-estimate how much it is worth and overestimate how much profit they can derive from the market. What will happen (what happens with every industry) is that underperformers who cannot make a profit will die out. We'll lose some studios. We will. That will happen. The others will be forced to change business practices to fit in with the size of the market.
Will that mean that some AAA games will be cancelled? Will that mean we'll see fewer advancements in gaming technology and spectacle? Sure. But that's inevitable, and it won't last forever. Gaming budgets have blown out of proportion due to a number of things, one of them being advertising costs. If the game industry "crashes", then costs will go down since they'll be less competition.
The game industry wants to grow and grow and grow and grow, forever, like Jack's magical bean stalk. No industry, NO INDUSTRY, throughout all of human history, has managed to do that. Cliffy B is angsty that the game industry has outgrown its natural size and that an axe is being swung down upon it. Cliffy, Axes are a natural part of capitalism. Companies are going to fail, investors will sometimes lose money. You can't live in a free market and expect special protection. If the companies made errors in judging how much profit they could make, if DEVELOPERS blew out their budgets and didn't make good games, then those companies are going to die and that is the nature of capitalism. Or what, you want all your gaming industry friends to be specially protected? An intriguing idea, comrade! Perhaps we should set up a People's Commissariat for Electronic Entertainment! You can be Comrade Chairman! Or General Secretary!
Crashes and studio failures are natural parts of capitalism. If you can't compete, you're going to go under. You can blame your customers, but other studios will manage to survive - you know, the studios who made realistic, smart decisions and didn't let themselves become super-bloated under the mistaken belief that they were the "new hollywood".