I think one of the smartest things a console maker could do at this point is make a bunch of "TV Games" collections. I bought this thing at the mall once, made and sold by what was clearly a fly-by-night "company." It consisted of an N64-like controller and pistol-shaped light gun, and the controller itself contained a couple hundred NES games. You plugged it into the TV and played. All the copyright notices on the games had been removed, too, so I have little doubt the whole thing was black market.
I don't think this is something NES would do, though, since they have the Virtual Console. Doesn't mean some other enterprising company couldn't do it. As the cost of making these things continues to plummet, I could see game makers putting their out their own single-unit collections. A sports collection, an RPG collection, a platform collection, etc. Things of this sort have already appeared but I've found them to be fairly limited and it's usually one or two good titles lumped with a bunch of crappy ones. Hopefully this niche becomes more competitive and they start putting together much stronger collections.
Sega also makes a decent business selling their old games on CD-ROM with a bundled emulator. They don't do that nearly enough. Seems like easy money, from where I'm sitting.
