Absolutely will not see anything about a Wii successor at E3

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I could be wrong, but I have anticipated Nintendo going for a very compressed launch; and by that I mean that they will try to reduce the time between announcing a system and releasing it. The reason for this is that announcing the successor to the Wii will likely have a substantial impact on hardware sales for the Wii, especially during the Christmas season.

While it is an unconventional approach, if I was in charge I would announce the system early in the year (most likely in March) with vague details, release a teaser video halfway between the announcement an E3, demo the system with its full line-up of launch games at E3, and release it 6 weeks to 3 months later. There are two reasons for this approach:

1. By compressing 18 months of pre-launch announcements into 6 months, you will create a much more exciting build-up to the release of your system; and this can (potentially) act as free marketing.
2. By releasing several months earlier in the year, you can satisfy initial demand and have an adequate supply to capitalize on the holiday shopping season.

I've said all along. E3 next year for the unveiling, November next year for the release.

There may be a hint or something at GDC next year.

No nothing about it this year. next year for sure though

Wii 2 may actually help both games in Japan.  DQVII being launched so soon after PS2's introduction in Japan seemed to actually help it attract attention thanks to backwards compatibility (and no real launch games worth bothering with).  Having a ton a new Wii 2's out there driving sales may be just what Zelda/DQX need to help combat the general Wii malaise in Japan.

Anyway, an E3 announcement wouldn't surprise me, but if it happens then we're looking at a spring 2012 launch for the west (similar to the 3DS timeline).  They could do it, but I sort of question if Nintendo's internal teams and external partners will really have enough ready to go by then in terms of games... more likely I expect some more Wii announcements (Pokemon BR2, Pikmin 3, Mario Golf, possibly Star Fox, etc) to carry it through E3 2012, with Wii 2 being announced first around TGS, revealed around GDC, playable at E3, for an eventual summer (Japan) / fall (west) 2012 launch.  Nintendo may also tie the first announcement to their financial calendar instead, depending on how their stock fares through the year.

For what Wii 2 actually is, I'm expecting a PS3-plus spec chipset (likely from IBM/AMD again), 1080p/i/3D standard, Blu-ray drive, modest flash drive (say 8GB) with SD card expandability, full Wii backwards compatibility (Wii, WiiWare, Virtual Console) but no GameCube, similar control setup (Wii Remote Plus & Nunchuck) though the Nunchuck will likely have additional motion sensors and the remote should have a biofeedback sensor (aka: Vitality Sensor) built in, 3D camera in the sensor bar, eShop and other channel services, universal friend code, probably a Classic Controller (Pro-ish) and Wii Sports 3D disc bundled in, all for about $299.  The big "hook" imo is going to be the biofeedback based expanded gameplay functionality, which is something Valve seems to coincidentally be talking about, while the HD/3D visual upgrade, improved online functionality and evolutionary camera/gyro controls take more of a backseat promotion wise.  Biofeedback should be Nintendo's next big differentiator, though if it takes off you can probably expect it grafted on to PS4 and Xbox 3 a year or three down the line.

Interesting fact:

Over half of gamers haven't used their Wii in over 6 months, according to a UK survey

But Reggie's too busy juggling his balls to release a new Wii

@conegamer: That`s probably the impact of casual gaming and lack of great games for Wii, lately.

A new console is better served at fall because that is where most people are ready to really spend money (not just the states!) and seeing as a lunch only has so many consoles, combining that with the Christmas period, and you have a buzz around your console that can`t be duplicated in any other time.
Why a fall 2012 release? Well, first and foremost, developers need time to creat software. Unless they have already started, a fall 2012 date gives them time to get to know a new console and prepare good games.
I also believe that Nintendo will indeed show a good number of games that will come out this year and that will boost Wii sales. A price cut is bound to happen this year aswell - of 50 €/$/£ imo - and with a Wii 2 set for fall next year, a new price cut might come next year making Wii just 99 €/$/£, lifting sales until Wii 2 comes. A redesign (not WiiHD), combined with the price cut, might help boost sales even higher.

Interesting fact:

Over half of all surveys are made up crap!

http://www.theoraclespeaks.net/media/survey-claims-that-76-of-all-statistics-are-made-up/