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Handheld cycle has never been a typical 5 year situation for Nintendo. One could argue that Game Boy to Game Boy Color was as much upgrade as DS to DSi. That way it would make 3 consoles with several revisions since the 1989.

I think it is up to Nintendo if they want to make the DSi market bigger or if they want a handheld with completable and maybe some features that can last a few years.