Sure, there is some speculation left regarding WiiU's hardware specs but its mostly clear by now. Nintendo prefers low energy consumption above raw power and this should be clear to anyone. Is the WiiU underpowered? Yes. Does this matter? Not for Nintendo games, which will look fantastic.
Third party games will suffer as developers will want to stay as far away from the WiiU as possible, but Nintendo couldn't care less about third parties. If anything they want less of it so that there is as little competition as possible.