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- Different name which makes it clearly an upgrade. SuperWii is alright, but preferably a different brand. 

- Release same year as PS4/One (support Wii with more games at the end of its lifetime.) 

- Motion Controls would remain the focus, but most games will also support dual-analog controls (if motion controls aren't necessary.) Wii Motion + is absolutely perfect in my opinion. 

- AMD APU or CPU underclocked, something along the lines of an A6 3650 ($70) or FX 6300 ($100) depending on Nintendo's pricepoint.  

- Something along the lines of an HD 6670/HD7670 - 768 GFLOPS, will be able to run less intensive games at 900p/1080p and more intensive games at 720p with AA on a regular basis than the Wii U can currently. This GPU costs about $70 at retail. Nintendo could add their own touchups. 

-  4 gb of unified GDDR5 ram (3 gb available for games.) Nintendo could add their own little features for improved bandwidth. 

- Software emulation for Wii games. An A6-3650 is capable of running dolphin for many games. If Nintendo built their own emulator which took advantage of more than two cores I have confidence they can run Wii games fine, especially since they know the Wii's true specs more than anybody else. Nintendo can underclock the cpu to fit their chassis size and power requirements and still probably emulate Wii games. 

- Sell the console for $250 without a game, or $300 with a game. The APU/CPU would likely cost $50-70 per item (since it is in bulk), gpu about $60 as well. The entire chipset with ram probably around $160-180. The external power supply would be $10, and the cost to manufacturer the case about $10. Then retail and shipping costs about $30. That would make the cost to produce with a controller and hdmi cable somewhere between $200-250, which means Nintendo won't be selling the console at huge lost. 

Overall this console wouldn't be too far behind the Xbone power-wise, and at the same time it would be cheap. Nintendo would also still have the unique feature of workable motion controls, which still had many applications to be made. Furthermore, Nintendo could have released the console with its same first party line-up, but without so many droughts because they waited a year. Its cheap price-point and great first-party games would give it momentum after its launch.