Theres some excuses for home consoles...too expensive, too old, new ones just on the horizon but still the severity of the recent decline of the HD twins and the non-start of the Wii U are almost certainly unexpected events. I do not think one person in the industry would've thought this year would be turning out like this.
Then theres the portables which don't seem to have that excuse. They're a little bit more expensive I guess? They're certainly not new any more. The PSP alone was almost twice as big 7 years ago than todays 3DS+Vita market in America, now imagine the DS.
Obviously you have to contrast the decline in traditional console markets against the rise of mobile, social etc. But it seems to me that for a lot of gaf those segments don't really factor into the equation, so for all intents and purposes its just a pure decline in content those people like and they don't know whether or not it'll reverse course.