"Sean Ozz" emailed Nintendo of America about this, snd you can read the reply on this same thread on the old PGC forums.
I too crapped my pants when I saw the pic on IGN's N-Query.
I mean, HOLY S**T! Can it be any cooler? Nexus is such a cool name. Better than anything Nintendo themselves have ever come up with. I mean, ULTRA 64? Serious? It was soo much better as Nintendo 64. And look how cool it is! Those blue lights just top the cake (for next-gen Wavebirds no doubt), and those curves, oh man! Like someone said, it IS a marriage between the N64 and Gamecube. Now all we need is a picture of the controller. Miyamoto-san!

And then, in typical fashion, Nintendo dismisses the rumours, and happily announces the TRUE successor, the GameSphere. The next generation in gaming, it reacts to your stress levels and rolls away to avoid being hit by angry feet, circuit-crushing controllers, stray punches, and flying friends.