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I expect any reveal is waiting on branding, advertising, distribution and the software slate. Nintendo dropped the ball on multiple fronts with both 3DS and Wii U. Their handheld business was strong enough--and important enough to them--that they were able to recover, whilst Wii U sank and never had a fighting chance. A lot of different factors need to be in the right place, because NX needs to be a success for Nintendo.

There's a lot to get right, including at the reveal stage, and Nintendo need to nail it. Yes, maybe they are afraid, but I don't think they're afraid of what Microsoft or Sony are doing. They're afraid of repeating the balls-up that was 3DS, and to a much greater extent, Wii U. 3DS at least had a positive initial reveal, whereas Wii U was a sea of confusion from reveal to launch.

I'd also point out it's not uncommon now for major tech products to announce, reveal and launch within a short time frame. Games hardware is one exception now.