Better specs won't really do it. If Nintendo is going to win against specs, it can't be a Dreamcast/Gamecube kind of difference. It would have to be nearly a full gen ahead to gain traction in the hardcore market. It has to be a difference that you can see instantly from a glance, not something you need digital foundry to analyze.
A Wii U 2 would be even worse. Neither off screen play (Wii U) nor console quality games on the go (Vita) have proven to be a huge draw. It'd be pretty stupid to try to expand on the Wii U idea considering how badly it did.
There are two possibilities I can see working.
First one is something like the Wii. Something based on a gimmick that appeals to the market of lapsed Wii owners, kids, and "casual" gamers. These are the areas that the PS4 is weakest in, and the best chance for Nintendo.
The other far less likely scenario is if Nintendo really radically changed their distribution method. Something like a Netflix/PSPlusish service could provide a big financial advantage to owning an NX.
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