Right now the absolute minimum I can imagine the Wii selling is 60 around million, and that's only if the general public suddenly starts caring about high definition, and/or Nintendo get stupid and release their next console too early.
If I had to put numbers on the different things that could happen:
20% - Non-gamers lose interest, lack of HD starts to bug people, exclusives run away, and Nintendo's next console comes quick. Around NES level sales.
60% - More or less dominates generation, gets virtually all the big exclusives, sells 90-150% of what the PS2 did.
20% - Utterly insane numbers that change the industry forever. More than twice PS2 numbers. John Lucas elected President of Gaming, begged by industry to tell them what to do next.
The big unknown here is that it's difficult to say how long the Wii will remain on the market, because no one has tried a similar strategy before (well the DS sorta did, I don't have to tell you how well that went), and it really seems like all of the console makers want to make this generation longer than the previous ones.
The Wii might prove that games are more about innovative design and less about horsepower. Nintendo might even be able to do this without the traditional big developers if the Wii Ware service really gets going, and allows quirky games by basement development teams to potentially sell (and make) millions. In this scenario, Nintendo feels no need to release a more powerful console, but might do new models with slightly different functions, more DS connectivity etc.
As for Sony and Microsoft, they've both thrown a lot of money into their consoles, and so far have made very little of it back. I've heard the talking heads of MS say they want to extend this generation in order to make some money, and I imagine Sony feels the same way.
Of course if the Wii ends up completely dominating the game, then we might see one or both of the other companies doing something drastic. I see the most likely case here to be PS3 sales dropping to Gamecube levels (or not rising from them to be precise), and Sony trying to make a come-back with a PS4 using the first mover advantage for next gen.
It would really be interesting if this PS4 would again be something different that changes gaming and forces the other companies to change as well, like the PS1 did, although the suits making the decisions for the whole company might just decide to sell their software studios, quit the console business, and go back to making electronics. Sony is not a gaming company, and they will not keep making games until the bitter like Nintendo will, or Sega did. The business model they used with the PS1 and 2 (tried with the PS3) depends on selling at a loss and making the money back after achieving the largest install base, and it remains to be seen how well they can adapt to being in third place until 09 at the very least. The biggest factor in this case would be how well the rest of Sony's many divisions are doing at the time of the hypothetical hard choice.
Now this worst case scenario was never that likely, and has started seeming even less so during the last few weeks, so Sony fans please don't kill me. =P
Ah crap, I'm so far off-topic I don't even remember what thread this is anymore. ;__;