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Nintendo's flagship product?  Sure.

Something they can just redesign over time instead of a new console?  I don't know about that - historically we've always seen ~5 year "leaps" in consoles.  If you take no action, you may be left behind.

A console generation is also your chance to reset.  Who would imagine that Wii U could fail so miserably after Wii?  Who would have thought that Switch could bounce back so beautifully, or that Wii could do so well after the constant decline from NES to GameCube?