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On the home console front, maybe. With the exception to the Wii, Nintendo have not been so well in that area since entering the N64 era. I wouldn't go as far as irrelevant (yet) for Wii U (will have to see how that plays out), but as industry standards go, Nintendo are definitely trailing behind Sony and Microsoft in that regard.

If in few years, the Wii U still not selling well and its sucessor.. then I think its time for Nintendo to just give up on home consoles and stick to what they are good at - portables. Maybe make a hybrid portable console that can also connect to the TV.