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Right now, they're mostly a different audience.  The the lower priced PS4 and Xbox models will be more of a direct threat, especially if a bunch of people on the fence buy them rather than waiting on Nintendo.

Nintendo, unless they do something to change things, will have a few potential audience groups to start with: Nintendo fanatics, who will always buy the next Nintendo product; people who are new to gaming, including parents, who are looking for something simple, safe, or cheap; and possibly casuals who will be drawn in by an unorthodox gimmick/innovation.

The second group might opt for the cheaper PS4/Xbox if the new Nintendo isn't cheap or they don't do a great job selling it with compelling advertising.  Group three might flock to Nintendo if they pull off something trendy or they might stick to poking at their iPhones.  Impossible to say at this point.

Mar1217 said:
NX all the way. I'm here to play Nintendo exclusive games, that's it. I'm not here to try geezing at my screen 'cause it would output a 4k resolution.

The games should come first, not the other way around.

The games coming first on the other systems is why the Wii U got hammered.  Consumers voted overwhelmingly for a large and varied amount of content unbound from the influence of an expensive gimmick.  Xbox adapted, Nintendo did not, which is why they had to hit the reset button early.