It helps to remember that the "Video Game Crash of 1983" happened during the much broader North American hard double-dip recession of the early 80s. Given that video games are non-essential entertainment, it's not surprising that the budding market underwent severe restriction.
I don't believe in the traditional reasons for "The '83 Crash": oversaturated market, low quality, and the competition of personal computers.
On "oversaturated markets", I think that the North American market does not have more or less consoles than before. It was pretty much Atari, Coleco and Intellivision only in the Eighties, much like it's always been three or so systems since then, just different ones.
Signal-to-noise has always and will always be bad. Much like movies or litterature, it's an entertainment device, it's hard to get "right", whatever that is, and people are fickle. However, there is a difference now in that people have more information at their finger tips to help avoid bad purchases that they did not have before. And, digital distribution means you can find a game that meets your lifestyle better than before too. This is helping indies. It may be hurting big companies as those dollars flow away from their generic, mass-market games, but it doesn't hurt too deeply. It's similar to how microbreweries are viable now and it hasn't caused a "Beer Crash of Late 2000s". (Phew! )
Lastly, the opening of markets into consoles + personal computers was what participated in creating growth opportunities in coming years. I don't think it did anything to precipitate a "crash".
I think the distinction between the market of the early 80s and now is that it's bigger, but much more fragmented. Casual games, serious games, Flash-based freebies, mobile games, MMOs, AAA titles. But, there are many more people buying.
On the 'race to zero pricing", is it that those kinds of games are cannabalizing sales of AAA titles, or just opening and reaching a market that was underserved before? Will the availability of cheap games cause the AAA market to crash?
I just bought Deus Ex and Angry Birds Seasons pretty much about the same time. The former is for lengthy play sessions to chill in the evening, the latter is for a "distraction quickie" while I wait for my wife to finish trying her umpteenth pair of shoes. How is that bad? Just because, in the Eighties, I wouldn't have had something like Angry Birds doesn't mean it's current incarnation is hampering sales of bigger/different titles.