We won't see a "crash" the way everyone predicts. When it comes, it will be a budget crash. Right now, making a game is insanely expensive, and too often there isn't enough return on that investment to make it worthwhile. We won't see people just abandon the market, but we will see people taking lessons from THQ and Atari's recent bankruptcies, and stop investing so much into a game that isn't a guaranteed success.
We'll probably never see another Dragon Age: Origins or Mass Effect. A new IP won't get that kind of funding in the future, unless it is self-published through Kickstarter or the like. Initial offerings will be made far cheaper, and the money will show up for the sequel, provided there is enough interest for that sequel.
Basically, the gaming market is like a gambler. He got lucky and hit the jackpot a time or two, and has since been throwing away buckets of money hoping the next hand will bring more fortune. Instead, his wallet is emptying, and he sees that even when he does win big, it isn't making up for the massive bets he's been laying down everywhere else. So he'll either learn to start off with smaller bets, and only dump more money in when he sees the hand is good, or he'll lose all of his money in wasted efforts. That is the "crash" that is coming.