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MrT-Tar said:

How about a studio in Europe?  Nintendo haven't had one since RARE left and both Sony and MS have their fair share of them.  Headstrong is the only one that instantly springs to my mind, but I'm sure there are more

If I were Nintendo I would have bought FreeRadical...but it's too late, now Crytek owns them. What about Factor-5 they are still alive, aren't they?

Out of europe, I would also try to get closer relationships with Treasure, they are certanly a very talented studio, they would only need to make their games a bit more saleable. For example, having in mind their work with Gunstar Heroes and Alien Solidier on genesis, i think they would be a great candidate to make a new 2D metroid.