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Kombo wrote an article about just this possibility a few months back, but it was more of a pitch than anything. In the end, the only objections I can really think of to the possibility is that Nintendo's not too interested in digital distribution just yet (as the profits are miniscule compared to what it's raking in right now). WiiWare and Virtual Console seem to exist mostly to pull in 3rd parties, and to defend against anything Microsoft and Sony do on that front.

But it'd be interesting if they decided to do it.