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NX is their operating system/platform. I think it ,will be propriety, but I'd hope it would use Android, at least for a portion of the OS in some type of dual boot, because then we can see the platform have free Android apps from the google market right off the bat. Exclusive games would just only be available on the NX Home Console and NX 3DS Console, but Nintendo's mobile releases will also be available to all platforms. People will probably try to make a ROM that is capable of playing Nintendo games on other hardware, and might succeed, but only the games built with ARM in mind will work. x86-based games (most of the home console's exclusives) will not work.

The handheld will essentially be an android phablet form-factor (with buttons) and with exclusive games from Nintendo (think how Barnes and Noble & Amazon did their tablets but even more uniquely proprietary) and it will release late 2016. Its unique games will be purchasable physically through cart media as well. The home-console will have an ARM processor and an x86 processor built in. It will dual-boot Android and some proprietary or Unix-based OS (for x86.) This should release late 2017.

Power-wise:

The handheld will be between the Vita and the XB-360, but in some ways superior with better feature-sets and fewer memory bottlenecks than the seventh generation consoles had. Its screen will be qHD at most, so it won't need anywhere near the power. It should be somewhere between 80-150 Gflops, power-wise. I expect a price of $189 at release.

The console should have the same specs as the handheld when in ARM mode, but when it is in x86 mode it will be a bit more powerful than the PS4/XBO. Maybe something equivalent to a gimped, under-clocked, r9 280 to r9 290 graphically (about 2-4 TFLOPS.) It should retail $300 basic model, $350 superior model - just like the Wii U, but of course really being much lower as inflation occurs relative to the Wii U's release. It will support Wiimote's, Gamepad, and normal controllers for VC games through blue-tooth. It will have a 250 - 500 GB HDD or SSD (if prices go down quick enough by its final revision.) External drives will be supported as well.

The two platforms will offset each-other's hardware costs.