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"Mass production of such cards isn't overly expensive, plus they can work on both a home console and a handheld"

Yes I think Nintendo NX will have Cartridges.

 

"I think it's more likely they'll use disk for home console and cartridge for mobile."

That would destroy a pretty big advantage a consol would have if it could play the same game, on both a handheld and a home consol, would have.