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In terms of sales, yeah. Wii U will probably end up lopsided with most of the sales coming from NA, while EU & Japan sales combined make up around 1/3 of total sales. (~20m N64s in NA, with ~6m N64s in EU and Japan each)

Software-wise? Sure, in a broad sense Wii U is like N64 in that N64 had little 3rd party to speak of. However, Nintendo's software output on the N64 was some of the most inspired and iconic in video game history. With Nintendo stuck firmly in their traditional ways lately, I don't see much of that kind of software coming to the Wii U any time soon.