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great article, i agree.
IMO, looking at the nvidia shield console, doubling the wii U power with ARM and 100$ cheaper(also, consuming even less energy), i think they can do a at least XBO power level ARM console for 300$ to 350$. So, id go with ARM.
And i still cant think in a x86 handheld.

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Let me speculate.

2 versions: home and handheld.
home: just a console. but the controller is separable in 2. You can place your mobile device in the middle of the 2 parts of the controller, and play like a handheld or wii U off-tv.(there will be an app for it), and also for simulating wii U gamepad experience for backwards compatibility, without needing a gamepad.
handheld: is a tablet and comes with the same controller from home console. If you want to play DS, 3DS games, you put the screen raised(9:16 aspect), and new games you play normally, the screen would be layd(16:9 aspect). And some game could use the screen turning as a gimick. Also, with nintendo entering on mobile market, it can separate ifself from the controller and work like a tablet for playing the nintendo mobile games.