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im sure whatever they are actually doing with their money, is well thought out and better than anything we can toss up off the top of our heads.
Their first party support is good this generation, as it has been every generation but i do think they need to put some time into branching away from mario, pokemon and so on and take their skills to a less cartoon environment, even though I absolutely adore Mario games, i would love to see their abilities used on something like MGS.

I don't think they will buy any other developers outright, it just doesn't seem like their style, I would image more 'dream team' style ventures, cherry picking key developers from different teams and using them to collaborate on their projects.
They don't even need to buy anyone if their user base is big enough, they will come on their own accord.

My personal dream option would be for them to gather up the real rare team and rebuild the company back to its glory days.