If Switch is a success or decent success they'll simply just continue with iterative model versions.
If Switch doesn't meet expectations, then I think they'll continue to make cheap portable machines, but will concede to Sony/MS and allow some Nintendo games to be made for those platforms while expanding more into iOS/Android and push things like their character properties hard in the movie business.
There will never be distinct console/handheld ever again, they wouldn't be able to supply enough software for two systems like that even if they wanted to (a PS5 tier console and a PS4 tier portable? Forget it).







