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A tablet form factor could let them use a really high-end mobile chip similar in class to the Apple A9X (Power VR GT7800?), but knowing Nintendo, far more fine-tuned specifically for gaming. 

That would allow for even PS4/XB1 ports running at 960x540 resolution probably in the range of 3 1/2 hours of battery life, but the battery would have to be quite large (iPad or Macbook Air size). Good news is batteries are relatively cheap if you have a larger form factor these days.