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Nintendo: ramp up production to about 4 million/month, and make deals with Activision-Blizzard on World of Warcraft cross platform for the Wii and Starcraft for the DS. Then make a big launch in China, and a refreshment en South Korea. Increase supplies in smaller European markets.
Build a new generation Gameboy, together with Microsoft, in order to kill the PSP. Call it Xboy, with both great FPS games and typical Nintendo games. Give it about the power of a Wii and launch very carefully at a price of $250-300. If it's a succes, increase production. Make Haloid, wich is used to make Miyamoto prove the 'I could make Halo' statement. Give the Xboy the most solid online service a handheld has ever had, using wi-fi.
Make a Player's Choice line for the DS, with all older titles in it. Reduce DS Lite price by about $30 worldwide, and make sure a new model for the DS is ready as soon as even this price drop stops boosting sales.
Make sure third-parties make quality games for the Wii, if they won't listen, buy a major third-party publisher and say this fate awaits everyone who fucks with the Wii's greatness.
For next generation, be sure to launch first, to be on par with PS3 technology wise, and introduce some new things such as head-tracking, and make the Wii online at least as good as XBL is nowadays. But make sure it's free.
Slowly start trying to end the console war.

Microsoft: try maintaining the 2st place, lower the XBL costs to about $2 per month. Start working on the Xboy, together with Nintendo, and make that damn Miyamoto prove his 'I could make Halo quote', with Haloid. Make sure PSP is dead after this lethal Nintendo-Microsoft assault. Use Microsofts point of expertise, online functionality.
For next generation, be sure to launch first, and try not be become too expensive, and focus on casual gaming. Let the Xbox 720 be developed in Japan, as Japan seems to only buy Japanese consoles and the rest of the wordl doesn't care where it's made. Xbox 720 has to be the machine that the entire family uses for all-day purposes, like watching tv, checking e-mail, viewing photos, etc. Do this with free online and many arcade games and easy online communities.
Make sure Nintendo DOES NOT become a big enemy next generation, or prepare to be BURNED.

Sony: first, before trying to regain market leader position any further, make sure PS3 is profitable. Defeat Xbox 360 and become second in the console war. Make sure you have enough big, good exclusive games and try to make PSN about as good as XBL, but keep it free.
For the PSP, try reducing the price even further, to beneath DS levels, and make sure it becomes casually oriented, with many games that can be played for either a long or short time. Try to do something about the abysmal software numbers in some regions.
For next generation, try to get Ken Kutaragi to make one last killer console, building a new name if it has to. It has to be PS1 all over again- third-parties will have to be seduced into making new exclusives, gamers and non-gamers have to be attracted by excellent marketing, and be sure to launch at least one year before your competitors, with a killer app and a affordable price.