Except that this did not happen with the Wii. The Wii was both profitable and the best selling system and that did nothing for its third party support. What would be different about this gen that would change that outcome?
1. Nintendo isn't coming off of last place, the exact opposite in fact.
2. Less radical controller. In fact, Nintendo change the GamePad's design for them so they're at least listening this time.
3. The Wii U is launching between their competitors machines, not alongside them. Wii U is capable of getting ports which should inspire a bit more confidence in the platform.
4. Nintendo Network actually sounds competent.
5. The industry took a major hit over the last 5-6 years and studios have closed left and right. A metric **** ton of money was left on the table with the Wii, money that could have really, really helped many companies. No one really believed in the Wii in part because GameCube underperformed. Times are different. Right now, we'll be seeing a lot of ports because it's easier and cheaper to do so. Supporting one more player on the market dramatically improves (but doesn't guarantee) the chances of a game succeeding in the market.
6. The future is a toss up. How much more powerful will Orbis/Durango be? Sony and Microsoft lost a lot of money jumping into the HD era. They outclassed the Wii in performance yet Nintendo dominated them in sales and profits. I have my doubts that they'll take losses anywhere close to that again, especially with costs rising and the economy still struggling. They could potentially launch consoles that ask way too much from 3rd parties. Look at the Vita. Sony admitted that it was a hard sell to 3rd parties all while 3DS continued to gain momentum.
7. From what I've read, Wii U is quite a bit more advanced and modern than the current gen though we won't see it right away because of porting and the fact that launch games rarely ever push the hardware while companies learn the ins and outs. It's in the realm of possibility that in terms of hardware performance, it'll probably be closer to Dreamcast vs. Xbox than Wii vs. 360. How much will it cost companies to take advantage of dramatically better hardware? What if Wii U becomes the lead platform moving forward? Then, it's the Xbox all over again where the extra hardware performance meant next to nothing since many of the games were PS2 titles ported over and almost always played better on the PS2.
It's too early to call especially since PSFour and Nextbox don't officially exist yet. However, there's more than enough reason why it won't end the same way.