You have to wonder if the Wii ___ series and Mario will still be selling 20 million+ copies a pop this gen. Because Wii U sure as hell won't be getting any real third party support with those specs.
I can see a repeat of this current gen in a sense. The Nintendo console will start off strong as the price will be low, the controller will be unique and interesting at first, and the graphics won't look too bad against its competition.
Eventually, Sony and Microsoft will drop the price on their consoles, third parties will get a hang of the new hardware and start cranking out the AAAA games (that Wii U may or may not get nerfed ports of), and suddenly the Nintendo console looks kinda awful graphically when compared to its competition.
The question is... can the Wii U replicate that astronomical initial success of the Wii?