It's kinda funny, given how well the One launched, many thought it would pass the Wii U just be a few months after the PS4 did. Now, these threads are 100% justifiable. Anyway, I think if Nintendo plays its cards just right, then it can hold 2nd all gen.
I think there are many like me who will buy a PS4 first, but will consider buying a Wii U when it's ~$199-$249, both for some exclusives and for the kids. So, a price cut this holiday season would be a wise choice, as it makes it cheap enough to be a 2nd console for core gamers.
Nintendo also needs to do a better job at getting its 1st/2nd party exclusives out quicker, as they aren't going to be getting the same great 3rd party support as the One. They need to give gamers a reason to get their console and a couple big exclusives a year isn't going to cut it.
