Here are my serious attempts at commenting on the options:
1. Nintendo Revolution (NREV) - as someone mentioned earlier, it lends itself well to wordplay (with "Join the Revolution" being my favorite). It also goes a long way in establishing what Nintendo claims they are trying to do: revolutionize the industry.
2. Nintendo Entertainment System (NES) - It plays off of the same nostalgia they are going for with the "Virtual Console" concept. Further, it could also be analogous to what Nintendo is trying to do with the industry: reset everything - by resetting the name to NES, they mirror the resetting they are trying to do with the direction of the videogame industry.
3. Nintendo Freestyle (NFS) - It conveys the nature of the controller perfectly. It could also be played off of to convey that the system eliminates the constraints placed upon the other game system's controllers. "Be free - only on the Nintendo Freestyle"
4. Nintendo Unlimited (NU) - It conveys how all barriers (whether they're related to controllers, not being fully backwards compatible, geographical distance between players) are being done away with. You will no longer be limited.
5. Nintendo Sonata - If Sega can name their system after a crappy car, so can Nintendo. (edit: actually, the newer Sonatas are pretty good quality... let's assume they'd name it after the older models

)
6. Nintendo Scion - Scion tC - a car with Toyota quality, a cheap price, but a large number of included features found on more expensive vehicles. A good bang-for-your-buck. Sounds like the Revolution to me.
That's all I got.
~Cris