*Insert gratuitous opinion on Wii name here*
I'm excited to hear Retro may be working on something other than Metroid. I strongly believe that it will not be any of the games Retro was working on back in the early GameCube era, just because all of them have been on the back burner so long. It would probably make more sense to start from scratch. I think the staff has changed quite a bit since then too. Although I guess I could see them taking some of the basic concepts behind one of the old games. At any rate, I'm really glad, because I hate seeing developers get pigeon-holed into making sequels to popular franchises over and over.
I also have to agree that an NST first person shooter would have more of an impact than Wave Race. This system could easily be THE system for first person shooters, but Nintendo will need to lead by example. Red Steel looks nice, but there's no guarantee that it will be really good, plus I don't think it would hurt at all to have a second, differently-themed shooter. I'm thinking a sci-fi or spy FPS.
Also, while we're on the topic of games, it's pretty cool to hear in the IGN Madden interview that EA is planning to build most or all of its Revolution games from the ground up instead of porting! The downside to this is that we will probably continue to get shafted on Burnout, and possibly in the sports genre as well (I don't care much about sports, but it is a genre that Nintendo needs some help in). Still, if Nintendo can get EA making exclusive games for it, and the developers are talking about fine-tuning the control to make it feel like the player is really controlling Madden, those sound like victories to me.