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Here is the list of the processing speeds of the sixth generation gaming consoles. Surprisingly, the Gamecube is faster than the PS2.

Xbox: 733 Mhz
Gamecube: 485 Mhz
PS2: 294 Mhz
Dreamcast: 200 Mhz

As one poster as already said, though, Nintendo did lose a lot of money on the gamecube because everybody else was playing PS2 or Xbox. So instead of spending billions on a powerful console, they made a cheap console with almost the same graphics as gamecube and named it the Wii, and targeted it towards the casual. And what do you know? 50 million units sold in 2 1/2 years versus 32 million lifetime for the 64 and 24 million lifetime for the gamecube.