As a guess, if Nintendo is planning on releasing a system in 2012 the hardware will (mostly) be completed and development kits would be in the hands of developers given how long it takes to produce modern games. As far as the rumours go, some elements may be based on some legitimate leaks, some elements may be made up by random people, and some may be jokes from people 'in the know'; and in all three cases, there would be significant differences between the reality and the rumour because it was not a direct leak.

Or, to put it another way, a "Rumour" from Apple is a press release handed to a "journalist" who is told not to release the information with a wink (which ensures fairly accurate information about what a product is being released) while Nintendo tends to keep their plans secret until they release details so rumours tend to (at best) be pieced together bits from unreliable sources.

This year E3 is going to be more of a spectacle than Wrestlemania.......

I am also curious of what this new IP is about, but we won't be seeing it until next year's E3 I venture. Either way it is good to hear Iwata expanding to the younger teams.

Dev kits are probably in the hands of companies already, or will be right after June; a Nov. 2012 launch provides enough time for the leftover Wii titles to release, one price drop, and one year plus of development time. However I wonder how they will handle production, mainly of the DS models. Wii is PSP-Go-dead in Japan once the N6 drops.

The better idea would be to set a few hard-and-fast ground rules and then let them do as they please, to make sure that things don't go in too strange a direction, but generally that's what they've been doing across the years (a few core principles for the old franchises, but everything else has been up for grabs)

"* About the "project cafe" rumors, he said they are always working on new hardware. He also added "where there's smoke there's fire", but that "you shouldn't believe everything you read [on the internet]"."

In short, that makes at least a pre-announcement of a new system likely sometime this year, but any details pase that (the degree of the announcement, the time, the specs*, the controller) are to be considered false unless proven otherwise.

* Aside from the obvious ones like being HD ready (regardless of how much) and having at least 3D compatibility (the way the PS3 does).

Miyamoto told us to be patient

Misleading title from Edge, considering this is what Miyamoto actually said:

“Don’t ask!” he said. “Even when the Wii launched we were developing new hardware, work on 3DS had already started. It’s a matter of when we announce it.”

Pressed on whether we can expect an announcement at E3 in June, Miyamoto said: “Please wait. Be patient until we decide.”

Okay, forgot about the "It's a matter of when we announce it." line in the second header, which could mean it's nearly complete, or that they are still working on it, since they could announce a partly completed system.

interesting...

sounds like he is a bit fed up with all the rumor mongering on the net too.

To me this confirms E3 will have a new console discussed in some detail.

I'm thinking we might get the codename, and it's not anything speculated so far.

If you asked be even 2-3 years ago, I would have never said Miyamoto should allow anyone else to touch Mario or Zelda.  But now that Mario Galaxy has come out...I'm starting to think new groups could not only handle Mario, but take the series to a new level.

And as far as Zelda is concerned, I'm kinda getting tired of Anouma being in charge.  Sure, the games got better in some ways.  But in other ways, they seem to be even less unique than the past titles.  And I'm really tired of the repetative dungeon designs.  If any series needs some 'fresh blood' in my opinion, its Zelda.  Hopefully Skyward Sword and its new director can do that (in a positive way).

Also, nice cover up Miyamoto.  'Always making new hardware'.  Yet he didn't flat out deny a new system is in the works like he did the Wii HD.