The bit from the WSJ about the Handheld launching this year doesn´t mean the home console won´t launch this year too. All it means, is that they think the handheld releases this year.
I can see them launching both at the same time. Since the Handheld and home console are supposed to share most of their games, they´re like different SKUs. I never heard a retailer crying over a console launching with a SKU with just a console and a bundle or two. Now you could say, but this is different, but i think it´s similar enough.
They could also launch them separately. If the Handheld launches first, i´d expect it to come out in september-october and the home console in November for the holidays. Since the console will most likely be more expensive, i think the holiday $$$ are more important for it.
If the home console launches first, i´d still expect it launch for holiday 2016, because holiday $$$ and the Handheld Q1 2017, since the Handheld will (hopefully, most likely) be below 200$ and that is more of a purchase price for the regular year.
Ugh, i can´t wait. New console launches are always hype, and Nintendo especially so because they always do something new, different and unexpected. For better or worse. But always exciting.
At the Q3 earnings report, i would only expect a time frame for the announcements to be made. The investors will be hungry for info, since they want to know what Nintendo is doing with their money. And i don´t think they can just say, "more info in 2016". WE ALREADY BE IN 2016!
The reveal or full reveal at E3 and launch 5-6 months later doesn´t sound crazy to be honest. Announcement to launch has been getting shorter for pretty much everything nowadays. 18 months for a console is obviously crazy nowadays. Sony´s 9 months and MS´s 6 months are about right. (MS screwed up with the product and idea, not the time frame. Yeah, they could have changed for the better with more time, but that´s only relevant if you´re an asshole about it.)