Well, looks like Nintendo themselves has weighed in on this subject. I'm sure some of you have seen the articles by now, I can't believe there's not a post about it already, but Nintendo says their new system will be out by holiday '12, and that it'll be significantly more powerful than the 360 and PS3. And that they want to "recapture the hardcore gamers". I am, frankly, shocked. Not that I didn't think they'd be capable, I just didn't think they'd try.
The best news, though, is that the new system, codenamed Project Cafe, will use a normal controller! I'm sure there'll still be a motion peripheral, like Move or Kinect, but knowing that every system will be bundled with a standard controller makes me very happy.
Of course, those controllers sound like they might cost around $80 a pop, which sucks, but we'll have to wait and see. E3 is going to be very interesting this year.