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The difference between Sega and Nintendo is that the Saturn when being axed in favor of the Dreamcast still had a favorable market in Japan, (outselling the PS1 there until FF7) and a somewhat decent amount of 3rd party developers to piss off, the Wii U doesn't have either of those factors.

So yeah, I do think Nintendo could get away with it, I'm a little skeptical if they'd do it correctly right now though, I think they're better off taking the Gamecube route, bite the bullet, and see the rest of the generation through.