My concerns are: game lineup, 3rd party support, controller flexibility.
Game Lineup: I've said it before but if the lineup is anything like Nintendo's strategy with GameCube in the last 2 years, they can keep it. I haven't gotten anything since Star Fox Assault and won't until Zelda. So GameCube was basically a 3-year system. Since my Cube just died anyway, I'll only get Zelda if I get a Rev. The first 2 years were hot with semi-regular blockbusters, but after that... wtf? There's no excuse for one Mario spinoff after another, and basically one blockbuster a year, IMO.
Also related to game lineup -- If they're going to make a console version of the DS (in hardware/software philosophy), they might as well stay home for that too. The DS is good for what it is. Great for the quick fixes and short "non games" they tout. But if we're crammed full of quick fix and non-games, and again with the occasional blockbuster, then I'm just not going to be satisfied.
Finally, I want to see more mature games. Not just occasional token games, either. Some people try to insinuate that mature games = immature games, but that's hogwash. I'm not asking for GTA "bust a cap in a bitch's ass" titles. I want games like Half-Life 2 and Unreal Tourney. I'm not even a PC gamer or an FPS fan and I think they're great. They just need to embrace western games more, in general.
3rd party support: I don't have to go into detail here, right? Crappy support = no BigJim support.
Nintendo's getting a lot of love in quotes, but the proof will be in the pudding. We'll see how this turns out. It likely won't be decided right away.
Controller Flexibility: This is really all up to how the controller is used and what is omitted for the sake of "innovation." Many say "well just use the shell" but the shell's game support and availability out of the box are not foregone conclusions. If they swapped the locations of the D-pad and the a/b buttons, I would be satisfied tomorrow because there would be a sufficient number of action buttons within thumb reach. (or make the d-pad 4 buttons like many remotes do, that'd be fine too.) I'm not sold on 2-button games or shoe-horning the D-pad into being action buttons. As well, I am not convinced hand gestures are any better than simple button pushes. So how the motion is used remains to be seen.
And, in addition, if the controller is merely a "different" way to play and not "better" then all that R&D spending they omitted from the console itself went to waste.
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About the whole graphics thing. It'll obviously look better than GameCube, it WILL look better than Xbox. The specs don't blow me away but the end result will be just about what was expected. Really good-looking SD games. Not much more power is necessary on an SD platform anymore. My concern is more about Nintendo's art style with many of their characters -- The low-resolution, low-polygon characters just don't impress or push the limits. But the hardware itself can push poly's fine.
What's sort of interesting is actually those that already say they'll get it on day 1... Having seen and played nothing, they're already committed and defending Nintendo's decisions wholesale. How realistic is it to reasonably debate the issues with those that loyal?
Dissenting opinions get dismissed with comments like "just don't buy it" and "they're not making a system for YOU" which is ironic because Nintendo's been making consoles for fewer and fewer people since the 90's. You (general "you") act entitled and righteous for some reason when the reality is right there. They're irrelevant to 85% of the market now. As a Nintendo fan, don't you want this to REVERSE? Or would you rather they stay the course, pander to you instead, and remain a niche player?