You could probably put it on an N64 too, but whats the point? The engine in this regard isn't the sticking point, it's the games, and they're going to remain just as costly to scale down enough for last gen stuff. Considering how badly 3rd party software has already sold on the Wii U, it's a safe bet they're not going to bother unless they're ALSO in the process of scaling it down for 360/PS3... And even then, we're STILL seeing the Wii U left out of multiplats on those two systems plus PC.
Really though, 3rd party is a complete waste on Nintendo home platforms anyways. Pretty much every Wii owner that actually played games had a PC and PS3 or 360 as their main gaming platform even when a lesser version was available on Wii. Swap PS3/360 with PS4/720 this time around, and I don't see it being any different.
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