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There are three challenges.
1. Getting close to PS4 power at $249 / $299. By the time it launches it will see its competitors at this range.
2. Have some first party games at launch. Nintendo is struggling to make zelda which is an AAA standard when it comes to resource. I doubt they will have games closer to this scope.
3. Third parties. Nope. They had their chance with Wii U.