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That's almost what Nintendo did this generation- the Gamecube is at least as powerful as the XBox and perhaps even more powerful, yet they seriously lowballed their own specs.
Hmm... Let's put it this way: As far as visuals, the 'Box is capbable of higher poly counts. Now we all can see the difference. However, its been said that the 'Cube can do better lighting effects(Or they can do more with texturing, something to that effect, I'm not a techie...). A prime example of its is Soul Calibur 2; most reviews when comparing the versions had that while the 'Box version is capable of higher resolutions, the 'Cube cersion was better lighting effects. Now that's just the visuals.
As far as Iwata's interview, it was well done, and inspires a sense of hope and confidence. The quote that hits home for me is this:
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not just a beefed-up version of GameCube, but something that will be easy to program. In the long run, that will make game development on our new system more profitable."
With people going on how the costs of game production going up because the technology is getting more complex, and need more people to the same job (Like 3d modeling for example.), and that they barely break even, let alone make a profit, Nintendo wants to buck this trend. If they can do some cool stuff without all the fuss, Nintendo may save gaming again. But let's not get ahead of ourselves. I'd would love to think by the next generation, Sony's system is still hard to program, and that they see they can do more with the GCNext with less hassle/investment , hmmm.... maybe those 3rd parties start flocking back? Just a thought (Or a fool's hope...)
If Microsoft's XNA is any indication of "the next step", my guess is that you will no longer need a seperate cinematics engine, the in-game engine(s) should be impressive enough. Save some gigs! Just another thought....