This is definitely up there with the best. I would say this, Michael, and For the Players since 1995 are the best ads they have ever done, and probably the best in gaming. I would probably put SAPS right behind them as well.
As important and big as Nintendo was with the NES/Famicom and SNES/Super Famicom I don't think gaming would be anywhere near as big if this had gone through and PlayStation hadn't become a thing.
PlayStation was cool in a way that the others weren't and appealed to different groups then Nintendo. PlayStation appealed more to an older demographic and this can be seen in it's games and marketing (like those Crash commercials and with stuff like Wipeout really connecting with the club generation with it's vibes and music). They grew the scene in a way that they wouldn't have if they partnered with Nintendo.
imho in an alternate reality PC would have gotten bigger sooner. The mature or wannabe mature audience would have been attracted to its exclusives. Albeit the pricing- expensive PC vs cheap PS- certainly would have altered market too. Games would have needed to be made for fewer but ready to spent bigger money people.