If you follow the notion that a Nintendo console is merely a box via which you play Nintendo games, then I would say a modern equivalent of the Gamecube could be a success, but then that also points to why the Gamecube is their second biggest failure behind the Virtual Boy. The games they made for the Gamecube simply weren't good enough by their usual high standards, Metroid Prime being the one exception.
So a modern Gamecube would need far better support from Nintendo themselves.

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