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Well I kinda built this system, sorta like IGN did when they built their Wii U/Project Cafe a few months ago.

http://ca.ign.com/articles/2011/05/14/we-built-nintendos-project-cafe

I made a few changes though, but note these are all retail prices:

AMD Radeon 7770 GPU ($100 approx) -- I axed the 1GB GDDR5 memory here as it would create too much heat. Instead lets "trade" that 1GB GDDR5 for 64MB eDRAM (low power). This probably makes the GPU even cheaper, lets say Nintendo tweaks it in other ways to drop power consumption. This is a 1.25 TFLOP GPU which 5x that of the XBox 360, probably effectively more like 6-7x greater because it has a more modern architecture (DX11 effects, etc.).

CPU: 3.2GHz Triple Core AMD Athlon II X3 450 ($49.99) -- Same one IGN used basically. Nothing special, but still probably outperforms the 360 CPU considerably and doesn't have to do much with that beast of a GPU.

RAM: 4GB DDR3 (1333) Kingston RAM ($19.99) -- General all purpose RAM used in conjunction with the 64MB eDRAM.

Motherboard -- BIOSTAR A780L3L Micro ATX ($49.99) -- Same as IGN used, probably overkill for a console, but lets keep it.

Power Supply -- Rosewill RV350 ATX 1.3 ($29.99) -- Same as IGN, add the stipulation that it must have a WiFi chip on it.

Flash Memory -- Lets say $5 at manufacturing cost for 32GB.

Controller -- Lets say $75 is the cost of manufacturing the controller at a cost level.

Total price = $350

Granted, Nintendo would almost assuredly get these parts for probably 1/2 the price or cheaper than Joe Blow buying a single from retail at the quantity of 1 each (versus say an order of 20 million).

But things would likely be tweaked a lot too, the GPU would likely be heavily redesigned and modified to consume much less power (I already did some of that by axing the GDDR5 RAM though). The CPU is overkill, honestly if Nintendo wanted to use a 3-4 core overclocked version of what they have now, that would probably be fine.