A smart phone isn't a "New Concept" and Sony is already making phones so Nintendo wouldn't want to withold NX from E3 to prevent Sony from making a Smartphone.
But to play along, it would need to run a proprietary OS, as an Android OS screams piracy to Nintendo, so right there they're sunk. But to keep going, it'd have to have physical buttons for Zelda : Breath of the Wild, and motion sensing technology or buttons for Just Dance, it'd have to be able to run Unreal Engine 4 as Dragon Quest XI was rumored for NX,
The same issues that would plague the NX are what's plaguing Mittomo right now. People already have smartphones, good ones at that. They have apps on those devices that have all their info on it. Nintendo would just come out with a Dual Core 1.4GHZ, 4GB Storage, 2GB RAM, 3G smartphone and bomb once again.
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