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Colors were a marketing ploy to try to generate more interest in N64 and Gamecube and they didn't really work (releasing colors didn't move N64 ahead of PS1 or Gamecube ahead of PS2), so Nintendo might not consider releasing the Wii in tons of colors as something essential that they should do because they don't really need to to help Wii's sales.

I think I remember reading that after N64 that Nintendo had a surplus of colored plastic built up and that stuff isn't that great for the environment.