If the system was meant to be a five-year effort, then the most the WiiU is "late" is one year.

--Agreed, although 2 years ago WiiU would have been an amazing revolution.

That would have been nice. But as you noted, the 3DS prevented that.

No other console has a tablet controller, so it is innovative in that arena.

--Except for tablets themselves - which have become a major source of game playing and competitor to traditional consoles (although PS3/360 specialize in big theatrical experiences, Wii does not and many Nintendo games could easily be done on an ipad (NSMB, Rythym Heaven, Big Brain Academy, Fire Emblem, Pilot Wings, Kirby, etc.).  Having a tablet, a lot of 3rd parties will likely port tablet games (WiiUWare) blurring the line between WiiU and an Ipad further.   If the general consumer views WiiU as a competitor to Ipad - it's DOA.  No one will pay $50 for a game on a tablet when they can get a similar game for $5 on ipad.    If Apple or Android allow TV play of tablet games (likely), that'll further blurr the line.     Bottom line: There is nothing innovative about playing a video game off a touch screen in 2012. 

Controller issues and the inabilty to charge full price will for games (from consumers who won't pay it) will most likely retard the growth of tablet gaming. Plus, some IPs, specifically Nintendo's which sell its consoles, will either never work or never be on a tablet.

-True.  However that puts it in the same boat as Gamecube.   To be fair, if Nintendo announces a revolutionary game like Wii Sports or Wii Fit was then it'll be a different picture.  We've yet to see such a game.  What we have seen is more along the lines of WiiU Play.

And I am not sure how the graphics for a console for which we have not seen any full demos or games can be said to look dated.

-- Considering no matter what report you listen too, WiiU's graphics will look a lot more like 360's than something cutting edge.  That is to say, like graphics from 7 years ago (2005 when 360 launched).  That's dated.

http://www.eurogamer.net/articles/2012-03-28-aliens-colonial-marines-on-wii-u-has-so-much-more-to-offer

Most people who are doing WiiU/PS3/Xbox 360 games are saying that the games look the same (at least) on the WiiU. That is not launch HD games, that is a new console being able to emulate the market leaders, before people have figured out how to get the most out of it.

--That's my point.  Being able to match what the 2nd and 3rd place systems have done for 7 or 6 years already is no accomplishment.   Wii's graphics, despite being better than PS2 and possibly edging the original Xbox were definitely dated in 2006.  By the same token, WiiU's graphics matching or slightly exceeding what the 7 year old 360 can do is still very dated graphics.    However, there is a question of how much better graphics can really get.  We've certainly reached the point of depreciating returns on investment so even MS/Sony's next systems may not look significantly better to the layperson.