I don't think the return policy is as much Nintendo as it is Wal*Mart.
First, who wants to buy a $250 New system and it not actually be new?
Second, who wants to buy a Wii for their children, then find out that it's been loaded down with pictures of naked men?
As far as the distribution terms, it only makes sense for Nintendo to send more systems (games, accessories, etc...) to the stores that make them the most money.
I, personally, don't think there's anything "wrong", per say, with "scalping"... I agree with Pale that it's a "dick move", but it's far from my top ten things that concern me.
I'm just pointing out that there are greater consequences to the scalping issue than "lazy people" who don't work hard enough to get the stuff before the scalpers.