I would expect Nintendo to release before Holiday 2012, but I doubt it would be a 2011 release ...
While it has become less and less common in the videogame industry to release systems outside of the holiday buying season, there is no reason why Nintendo couldn't release a system at the end of Q2/beginning of Q3 in 2012. In fact, I believe there are advantages to a mid year release; first off, the you're (probably) going to sell out your initial shipment regardless of when it is released, (if your system is popular enough) you will likely have supply issues for the first few months, and most "First Holiday Seasons" are wasted because you simply don't have the supply to actually see a "boost" from them.
Hypothetically speaking, if you launched mid 2012 and your competition launched holiday 2013 your 18 month lead could translate into a 20 to 30 Million unit lead; and developers would be releasing second generation titles against launch titles of your competition. When you add in that you could be seeing manufacturing cost reductions while your competition is at full price, and you could start marketing discount games when your competition doesn't have a library yet, it is a massive advantage.










