Nintendo is by no means screwed if it launches Revolution next Christmas, but I do think it will be that much harder.
My personal beef with this is that the Cube is going to be long dead before November. Unlike the end of the Super NES and N64 lifespans, this time I actually have the money to buy two consoles, so why shouldn't I buy an Xbox 360 if Nintendo is barely offering me any new games for 11 months? I'm a patient guy so I probably won't buy another system, but a lot of other Nintendo fans must be tired of this routine too, and not everyone is willing to replay old or missed games all year.
I was really excited back when Nintendo was talking about matching or beating the PS3 launch. I thought it was nice to finally see Nintendo taking some serious initiative to compete, instead of releasing its system last for the fourth generation in a row. I think Iwata was right when he said that always launching systems late has cost Nintendo. Even if Xbox 360 remains underwhelming, it will have a significant lead on the Revolution by the time it comes out, and that lead will only grow as Nintendo delays the system.
Of course quality games should be the first priority, and if that means waiting until November, then so be it; I was just hoping that Nintendo was prepared to do a little better than that with the Revolution.