I think they are called "epileptic" seizures, although I am not sure...
However, it isn't just consoles that generate this. It's pretty much anything on TV or a graphically generated screen that involves a lot of consistent and quick flashing.
I'm sure if you watched cops for 8 hours a day, 6 days a week you'd fall over into a seizure.
There was a problem in Japan with an animated cartoon that had a lot of flashing and sent kids into seizures, although they were not deadly, it resulted in the show being banned.
Oh, and I think it's also from playing in the dark with flashing lights- not when you are in a well lit room, but I could be mistaken.
-SW