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1. Keep it cheap $250 or $300 (no more than that)

2. HD graphics - at least 720p, preferably 1080p

3. Good online that can compete with Xbox Live and PSN

4. Some cool new Nintendo innovation to keep it fresh - it can't just be better motion controls IMO, they have to do more than just a Wii 1.5 to get people hyped for it. 

5. Keep the focus on fun and playing with friends, don't make it hardcore