This is awesome news for old school Nintendo fans.
Reggie will be fired following the holiday season. Sometime between January-April.
It's still probably too early to guess when Iwata is fired. It could be soon if there's any behind-the-scenes debacle with Wii U, but if the wheels are in motion for Wii U launch, then I don't think he can be fired until Wii U has been given a fair shot.
"[Our former customers] are unable to find software which they WANT to play."
"The way to solve this problem lies in how to communicate what kind of games [they CAN play]."
Satoru Iwata, Nintendo President. Only slightly paraphrased.