I agree but iwata and reggie need to get the boot.

Well so far, the 3DS is 4 years into its cycle and a year and a half older than the Wii U, and we still haven't heard anything about a new handheld in the works, so that's where the theory comes in that the NX is more than just their next console. But, we really don't have much to go off of until they announce further details.

Link? I can't find it.

I think another reason too is that Nintendo's fans are not yet satisfied enough with their Wii U experience to be OK with a new console.  If this E3 had a Metroid and Super Mario Sunshine HD announced for the Wii U in 2016, then I think people would be feeling excited for the NX right now  Instead, hearing Miyamoto talk about the NX actually makes me pretty upset because there is so much missing on the Wii U.  If Nintendo plans to release the NX in 2016 then they are basically going to have to cut all support for the Wii U after 2015.  Considering that the Wii U had almost no support in 2012 and first half of 2013, that means that Wii U owners basically get a 2.5 year console.  Coupled with the fact that there are no 3rd parties to speak of, I don't think I'm being unreasonable to be asking for me games before NIntendo moves to the NX.

Nintendo: Please give us some more high quality 1st party titles, and then we'll talk about the NX. ;)

...With super cool but very impractical octogones.

In my opinion I think Nintendo should cater to the "Nostalgia" market. Attract all those people that played Nintendo in the 80s and 90s. That would be their best bet for NX

I agree. They are commiting the same mistake SEGA did and pissing off fans/consumers in the age of the internet is a very dumb thing to do. They need to forget this NX thing and announce one more wave of software for the Wii U. They wont make much money but they will retain consumer trust going into the next cycle along with great praise. By dropping the Wii U, they lose the trust, the fandom and have no one to fall back on.
They will simply take their gamble at a casuals and atemp to strike gold again. Failing that,they got mobiles.

Can't it do both "Nostalgia" and core gamers? 

I think the 10 million people who bought the Wii U IS the nostalgia market. And it's definitely Nintendo's main audience. Problems are: 1) It's their ONLY audience
2) They know it, but don't want to admit it.
They need to expand their audience by attracting new fans of gaming, as well as gamers who eyeing on a Nintendo console, but have been holding out because of the severe lack of 3rd party support, despite the strong lineup of high quality 1st party games, an they need to form good partnerships with those 3rd party companies as well.
For example, the part in their Digital Event where a director of the Skylanders' games from Activision was with Reggie, and they showed off their new game and how their will be Donkey Kong and Bowser figures exclusive to the Wii U version of the game... That's a step in the right direction. Because the people who are buying Skylanders and Disney Infinity games are kids that Nintendo is trying to target, which is why they are trying to get Amiibo on THAT level. And having an Skylanders', D.I. type game with Amiibos would bring a majority of that fanbase over to Nintendo consoles, where they can also get Skylanders and Disney Infinity, to go along with the Amiibo type game. And this could potentially open the door for exclusive deals like ones similar to Sony now partnering with Activision for PS4 now being THE place for Call of Duty, instead of XBO. Now, potentially, NX could be THE place for Skylanders and D.I., because of Amiibo.
That's just one example, I'm sure their are others.

Their plans are nice and ambitious and all but i'm not sure they realise how risky it is. If their next gen hardware does indeed blend handheld with console and it fails then they'll be in some pretty deep shit. What has been keeping them profitable for the most part during this gen with the Wii U slacking is the 3ds. They can make cheap games for it and make high profits and reinvest that into the Wii U. If their combined system tanks then where are they going to get money from exactly? And they haven't mentioned how powerful it is. For all we know it can't manage third party games which is vital to any console's survival.