Megabyte, i figure at best that Nintendo always uses custom chips, and they dont use OpenGL or DirectX, as you said above they use GX which is designed for their custom cards. While not being the same has allowed it to have features that are not openGl compliant, it basically is always like a pretty cousin of OpenGL. Judging from Nintendo's history in implementing these things they always create chips that have weird features that are really cool and helpful. So it always takes some work to get things running, but it is usually capable if doing most if not all features hardware wise.
The GPU of the Wii U is supposed to be similar to a radeon r770 gpu, which is in the 4000 series, open gl 4.2 is supported by the Radeon 5000 series and the Wii U is a custom chip, So, its likely it can handle it. at worst it will use an open GL 3.3 equivelent. Looking it up 3.3 has the same functionality of 4.0 but for chips designed for 3.2. As always everything not included can be done in software and ran by the cpu with some work.
the thing that trumps this is that ps3 and xbox 360 don't support open GL 4.2, and all indications are that their successors won't be out till 2013, unless something changes at e3. This means Nintendo will have the lead system on the market. Developers are more apt to release games on a new more powerful platform even if its not they're favorite platform, so likely there will be some good middle-ware written by the time the newer systems come out. Its the advantage Ps2 had by being first. When ps4 and Xbox720 come out it will have the most market share. Not only that based on current announcements I think the perception of Nintendo, and Wii U will be pretty positive after next years e3. The games they are pushing are popular with the "mature" crowd. There will be more. Nintendo hasn't even passed out the money hats yet, and likely next year is when we'll know about the Nintendo titles and the secret 3rd party titles that will make an impact.