I don't expect anything major. What I would do would be something different but what I expect Nintendo to do is a 300 GFLOP-ish portable device that is something new and different. Perhaps it can also stream to the TV itself for people who don't really care that much about graphics.
Then it will maybe have a higher end console version of that that's maybe 700 GFLOPS (2x+) or something for people who want slightly better graphics. Hardware split will be 4:1 in favor of the portable wunder-machine.
Third party support will largely be current 3DS and Vita support mixed into one, with some PS4/XB1 ports, the less graphically heavy games that are possible. And it will run Android apps on a custom Nintendo OS, like Blackberry does. And Nintendo will take a small cut/fee for these Android games.
Keep in mind most Nintendo teams have just only made 1 HD game using the Wii U thus far, Sony/MS had 6-7 years with the PS3/360, I don't think Nintendo is really all that interested in jumping up a full hardware leap from Wii U when they've just only started with HD development.
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