On the whole Iwata's done a really good job, especially on the hardware side.
He largely inherited the Gamecube and a dying Gameboy line, and for the next generation both Sony and Microsoft launched HD consoles. Nintendo could not possibly afford to launch an HD console.
95% of companies would have gone out of business right there. Instead we got the Wii and the DS in the same stroke. I do understand, though, why Nintendo's been struggling with this generation's launches. They're going through two generations of growing pains, and it's hard to follow up on two successes in the best of times.
You can complain about the software stagnating or regressing, though, and I'd largely agree. The only Nintendo IP I really care about which has actively improved over the past ten years is Zelda. But even there, if they're not going to take chances with their existing IP, they need to grow their IP collection to avoid stagnating. Nintendo's doing that. They bought Monolith. They just need to do more of it: another RPG series or two would be nice, and as Nintendo's audience matures they need to look at acquiring some horror (or something equivalently adult).
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