it does feel like a second crunch is coming. The AAA stuff (along with movies and TV) is getting too stale and repetitive probably because they can't extract anymore blood from the stone by working on the graphics pipeline. From the outside it feels like the big studios ditched a lot of the creative design talent. We don't seem to get Will Wrights or Sid Meiers anymore. The indie scene is blossoming but it's difficult to navigate.
Then again, with ubiquitous cloud infrastructure becoming super cheap, we may see some revolutionary network based games that don't fall into traditional multiplayer genres but still give a rich, full experience.