All of this, please.
I must say though, if something like this happens, I won't need to buy an Xbox. Wouldn't Microsoft be crazy to do this? I mean unless they're transitioning their game division's business model to sell a service instead of software or hardware, which would be a fairly Microsoft move to make, and would make a Nintendo-Microsoft partnership much more feasible. Hardware wise, if Microsoft wants to continue selling Xbox hardware, having Nintendo exclusives and Microsoft exclusives on each other's systems would only work if Microsoft only develops the high end home console hardware while Nintendo develops only lower end and portable/hybrid software. Sharing technology would be promising though, as Nintendo could get Microsoft's Hololens and Microsoft would get Nintendo's controller innovation. I think overall though, Nintendo would be making out way better than Microsoft here, at least in the hardware and software businesses. Microsoft would get most of its money out of the deal selling Game Passes and Xbox Live subscriptions. But then why would Nintendo be investing in their own online service if this sort of partnership is in the pipeline?
I would love to see a partnership like that. Switch basically becoming Microsoft's handheld, and Xbox basically becoming Nintendo's home console. If Google does release a next-gen console like some rumors suggest they will, Google could be very steep competition next-gen since they have alot of money to throw around and moneyhat studios and exclusives with. Such a partnership between Nintendo and Microsoft could be their best chance of surviving in a 4 console market.