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The way I consider this stuff is using MST3K and Rifftrax.

No matter how old or crappy the movie is, if they want to use it for their comedy they must pay for the rights or otherwise get permission. It doesn't matter that all the fans are there primarily for them, not the movie. They use the original footage and must pay for that right. If they can't/won't pay for the original footage then (in Rifftrax's case) they produce a wholly original audio file and let fans seek out a copy of the original footage themselves.

Critiques and parodies are (and should) be protected, and if Nintendo is targeting them then they need to be held accountable and corrected. However, Let's Plays and Walkthroughs do not fall under that banner. Those content creators are using the original footage and owe something to the original creators. If those content creators don't like the terms that Nintendo sets for using their original footage then they should not use it.

Also, in regards to the hyperbole of 'pirating Nintendo games' two wrongs do not make a right.