20 million first year is clearly something Nintendo believes will be a huge hit. They clearly believe they have a product like the wii or better that will be a must purchase for many people.

I don't know what it is but I'm hoping it something brilliant. Something with VR I hope.

It's definitely not VR based considering a few higher ups at Nintendo have recently spoken out about VR not being fun in its current state. I guess there is a very slim chance they plan on finding a way to make VR fun but I think they are focusing on something else entirely.

I must admit I still think it could have some sort of VR in limited form perhaps augmented VR. Maybe a handheld that doubles as a VR visor and has camera's built in so the gameplay is seen with your normal vision. Maybe a handheld with a high definition 1080p screen but which a body that quickly clips into a VR visor design similar to the google cardboard VR visor but done properly. Whatever I'm very interested to know what it is.

Probably for launch we will have 3D Mario, Zelda U port and maybe that Diddy Kong Racing rumour or something else, that would be pretty strong launch titles.

I dont think so, Nintendo already have plans for next around 5 years and they will proceed with it even without Iwata. Finding new CEO is separate from shudle plans and they will certainly find CEO in next couple of months.

VR is still expensive, and Nintendo has stated that they want NX to be affordable.

And a handheld is too bulky and heavy to think of a solution like the Samsung Gear VR.

It's controlled by a kite.

 A budget VR system running at a slightly lower resolution with the underlying hardware not super capable but still capable of amazing 3D for cartoon graphics like Mario and Zelda is perfectly possible.  However that said I really don't know what NX is and may be something completely different.

Even with  cartoon graphics as you say, an VR headset with low resolution displays would be a bad idea as the experience would be subpar.

VR headsets don't go with high pixel density displays just for the sake of it, but because they are needed. And with those displays comes the need for hardware powerful enough to feed all those pixels, even with cartoony games.

Comfortable VR is more about eliminating lag so that when you rotate your head the world quickly turns with you. When I tried the original Oculus Rift the resolution was terrible but the experience still amazing on the roller coaster ride. It really is possible for Nintendo to create a VR device quite cheaply, a device at a level enough for many of Nintendo's own franchises. Typical Nintendo graphics with bright simple colours, often repeated textures and a basic game world not requiring realistic physics or graphics effects is certainly possible. Don't forget there are already many VR experiences on IOS, Android etc that make use of the cardboard VR goggles and we are talking about something that sits between those and the full fat PC/PS4 VR experience.