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Have you been messing with my mind? Because I've been having that same idea for quite some time now. :p

It all clicked when Mr. Iwata mentioned on an investors meeting that he was trying to redefine the concept of a platform. It doesn't necessarily need to be the hardware itself, but rather a source of entertainment content. Let me explain:

Take Art Academy for example. Is it wise to fracture you software across 4 different consoles, all with different content, lessons, tools, backgrounds, templates, etc.? Of course not. Software like these should be a "platform" in on itself and have standardized tools, lessons, templates, etc. across all consoles. And when you do have a solid base, start selling expansion packs (aka DLC nowadays) such as Pokemon Art Academy. The potential is there for Mario, Zelda, and every other Nintendo franchise. The downfall is that they have no base to build upon, so development costs are over the top.

Nintendo has been trying to do this with Wii Fit, but so far has failed miserably with its most recent installment. This kind of software wasn't made for yearly releases like Plus and U. They should have stick with the base game and build upon it through expansions instead of charging full price every time they want sell another Wii Fit cash-grab. The Fit Meter is another example of pure wasted potential. Wii Fit on the go with Nintendo 3DS could perfectly be a great substitute for the Fit Meter for those who already own the console, and by doing that Nintendo would further enrich the Nintendo ecosystem.

And like you said, Mario Kart 7 and 8 were understandably resource vampires but with tons of wasted potential. Why not expand on the base game with new characters (real ones, not Pink Gold Peach) and a full back catalog of retro stages? There are 9 million MK7 owners and over 2 million MK8 onwers out there, so there's tons of potential to monetize here.