Well, I think there is almost no chance of Nintendo releasing it this year.
Not, only for the reasons mentioned in blog. But also adding to the fact, Nintendo stated they wanted a large launch lineup. That would mean Nintendo would be launching the Nintendo 3DS, their launch titles, and the other launch titles already scheduled for Nintendo. That is a lot of push for November...even if it is holiday. And they will be competing with Xbox 360 and PS3 lineup for money.
So, we if Nintendo launches this year. You have cannibalization of your own holiday offerings. Heavy competition from Xbox 360, and PS3. Lower 3rd party support because their games aren't ready yet. All of these sounds like a lackluster launch plan to me.
However, if you plan on launching around March. You can carry the momentum of the holidays and have a stronger launch with your own titles and 3rd party titles. PS3 and Xbox 360 won't have any large competition against you, and you can push back your normal March releases later in the year...making that month strictly for launching the new hardware with very strong software and hopefully 3rd party support. The 3DS will also carry just grow in support through the year, and Nintendo can have a killer Christmas on it...after hype has spread and early adopters have shown the system to their family and friends.
I would also like to say I completely agree with Ian. Though dodge a bullet is pretty strong, since developers still had confidence in Nintendo handhelds, and will continue to have confidence in them until one fails.