Iwata's right (big surprise), I was fiddling with a 360 the other week at Best Buy and i was aghast at just how long it takes to load a single-level demo. I mean, it's one thing to say the Gamecube loads faster than the PS2, but the fact that the 360 is only incrementally faster than the PS2 (with admittedly, more to load) and the Cube still seems a lot faster... it's just shocking.
Of course, Nintendo's always been about the load time... that's why they were so hesitant to go to optical media in the first place. And then, when they did, they went with a smaller, and therefore faster loading, mini-disc. The graphics of the original Resident Evil wouldn't have been impossible on the PS2, and on the Xbox they would've required the hard drive.
I'm interested in seeing how they manage to keep loadtimes to a minimum with a 12cm disc. But I have no doubt they will, they wouldn't have done it if they couldn't do it right.