well, i grew up on the atari 5200 and c64, but i think, that without consoles, you wouldn't have seen as much a push for computers as gaming machines, as i think that was one big selling point on a lot of them, that you can do all this stuff, but also play games, so it made sense for parents and what not to buy them for kids.
with that in mind, i don't think we would've seen a videogame crash. why? because, if shitty arcade games came out, they wouldn't make money, which equals the op/arcade losing money and possibly even going out of business. word of mouth would've spread, and the bigger companies like atari would've stayed afloat.
i don't know if we would still have arcades at this point, though. i think computer gaming would've just stayed quieter more for a while, and allowed arcades a few more years to compete. which, going off that, i'd think the net result would be that we'd all be computer gaming now, with arcades being around a bit more than they are now, but also a higher ratio of arcade games to redemption.
you know, another thing i think is that it would've possibly made more arcades family friendly, as kids would be there rather than at home playing consoles.