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NightDragon83 said:

The N64 was not even close to an abomination.  The only reason it "lost" to the PS1 was because Nintendo made the tactical mistake (in hindsight) of not switching to CDs and instead stuck with carts, which led to an exodus of 3rd party support and frequent periods of software droughts for the system, while the PS1, thanks to Sony's aggressive marketing, received a steady stream of software including many system selling exclusives like FF7 and multiplatform games like Tomb Raider that would have been on the N64 as well if it used CDs.

The Gamecube on the other hand was, for all intents and purposes, an abomination.  Why?

JUST LOOK AT THE DAMNED THING!!!

The fact that Nintendo honestly thought THIS would be their ticket back to being the market leader shows just how out of touch with reality they were back in the late 90s and the first half of the last decade.

If they were going Red Ocean, they really weren't careful with their image and catering to the congested marketspace's needs and interests.

The image of this looks more Blue Ocean than anything, catering to the younger demographics... A failed strategy maybe, but that was their direction in terms of image at least.