There's a brief article at a site called "The Older Gamers Paradise" about The Rise and Fall of Sega. It's not so much a detailed factual history as an opportunity to reminisce with a former diehard Sega fanboy (who now sounds a bit jaded, if you ask me). He's got some interesting speculations Sega's most fateful mistakes, the biggest seeming to be creating massive consumer confusion around 32x and Saturn. Here's an interesting thought--If Sega had used the CD unit as a springboard until perfecting the Saturn, things might have gone differently. If you're a Sega fan (or just want to see what the nostalgia is like from someone who is), you'll enjoy reading the article.