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I think Nintendo will launch the 'super wii' or whatever it is called in the first half of 2012.  I don't think MS or Sony plan to release platforms before late 2013, but Nintendo will force their hand slightly.

I expect the 'super wii' to be roughly 2.5x as powerful as the PS3, use a proprietary format based of HD-DVD or maybe Blu-ray for games, can output 1080p and will have good 3rd party support (maybe 1/2 what the 3DS is getting)