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Realistically speaking, this all depends on Microsoft now. 

If the NexBox is closer in power to the Wii U, Sony will be the one left out in the cold (well not left out, but nobody will take full advantage of the HW). UE4, and other engines are scalable, so there won't be as many NexBox/PS4 games that won't release on the Wii U. 

On the other hand, if the NexBox is close to the PS4 in power, Nintendo may be in a tough place, but it all depends on 3rd parties at that point.