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It CAN be used as either a regular home console or a regular handheld.

However the actual unit itself is clearly a handheld in the sense that all the technology is there, with a screen, with buttons and it's all in a small handheld package you can take anywhere. It is in essence just a handheld console with a HDMI port. I play mobile games alot, and I can stream that to my TV too, but they will always still be mobile games.

I think its clear that the Switch is just a handheld that has the ability to stream to a TV, but what makes it appear like a console is the dock and the fact the games for it are "console-esque"