Nintendo abandoned the Wii years ago. They've had AGES to develop killer titles for the Wii U. They've done nothing. They thought they could ride on the Wii brand until instant success, just like they thought they could do the same with the DS brand.
Iwata has to go. He is 1. Incompetent. 2. So up his own ass he can't see what's really going on in the industry
AGES? You mean while also developing the Wii U hardware, fixing the 3DS launch and rushing games out for that platform, while also gearing up for HD development and games for the new console?
They certainly weren't doing nothing. What they WERE doing was making quite a few mistakes that stem from either arrogance, ineptitude and inability (thanks to not expanding themselves enough to adequately handle the tasks at hand).
The good news is, unlike Sega and the Dreamcast, Nintendo is sitting a nice lump of cash. They have the monetary capability to turn things around, but I'm not quite sure they have proper business plan to do so before they're broke.
We'll see I suppose.