the obvious answer is, as mentioned, a handheld with a HDMI port or some sort of hybrid. but since when does nintendo take the obvious route?
i do think there is and will be further restructuring of the way nintendo works. its effect wont be felt until their next handheld and console are out but iwata has talked about building a platform for all their content. so that will be one OS and one store to make games on and sell on (online).
but i think there will be another console....of some sort. hard to say what kind of form its going to take though. i have a hunch it could be ARM based for the CPU with a laptop GPU involved. the reason i think ARM is because nintendo themselves are very familiar with it and 3rd parties also use it alot. ARM processors can also work in many different environments (they already use them in the 3DS and have used them in the DS also (possibly the GBA aswel...i cant remember). so they could have a CPU suitable for both a handheld and a console.
what kind of horsepower is anyones guess.
so why not a hybrid? its a very risky thing to do. if they make a hybrid and that tanks, for whateve reason, then what? they have one product on the market and its not selling. thats really really bad. one of two platforms not selling is bad but 1 of 1....not many companies survive long in that scenario.
if anything i think we may see a bigger variety of hardware from nintendo going forward. the gaming phone, the gaming device (sans phone stuff), the games console, the gamepad (from 7" to 12"....a self contained unit rather than the wiiu setup), maybe even a more portable version of the games console (like a laptop...all self contained)....hell maybe even a gaming watch or gaming bracer....just cause.
the key thing is that any device nintendo makes will run the same platform, use the same store (with UI tweaks where needed). the hardware, though different in specs, will also have a lot in common (i suspect nintendo are taking a good hard look at Nvidia now.....so que them finding some small company in the hymilayas that just so happens to design a mobile GPU that can also be a great desktop GPU :P). so nintendo could make games that would only run on the handheld or only on the console. or they could make a game designed to work on any nintendo device. it would depend on the game.
if they do this route it wont be as wide as the PC market though. any nintendo games console will have a certain spec regardless of form factor. same with the handhelds (the phone, tablets and handheld would have the same spec for example).
so we could see a return of something like the GBA, with somehting more like the DS for the phone version. meanwhile the gamepad would be a self contained unit that comes in various sizes while the console uses an enhanced wiimote and nunchuck and/or traditional controller.
but it makes nintendo more robust, more productive and be able to deliver more content to more types of devices quickly. so scenarios where the 3DS is getting loads of games and the wiiu is getting the clippings of tin would be less likely.
some games would still be exclusive to one type of device or ther other though simply because
1) tempts more people to buy more of the different devices
2) some games are only suitable for one type of device or another.
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