Do you think the looming worldwide downturn / recession will have any impact on the videogame race in 2008?

Gaming, with any entertainment / luxury item will be amoung the first and heaviest hit therefore what implication will this have on the three big videogame companies?

Will Nintendo be hardest hit with their reliance on 'casual' gamers who would be more willing to lay down their 'casual' hobby during hard times or will it be Sony hardest hit with it's ticket price being the highest of the big three and whilst it's trying to hit it's stide this year it could be bad timing?

I'm from the UK and can remember the last big recession of the late 80's/early 90's but i am to young to remember it's impact on the industry, can history tell us anything?