If you hold the little green button behind the console, it becomes a frisbee. Also, if you also down-right on the dpad and press L + R + X + Y, it will become a miniature remote controlled car. And finally, if you do the Konami code, the tablet becomes a metal gear.

The Switch does more than switch from console to portable

I think it'll be considered somewhat of a win if they get the mild success that the WiiU failed to gather. They already announced that the Switch won't be sold at a loss so even if they somehow only manage to sell around WiiU numbers, it'll still be profitable. 

I think the conundrum Nintendo is in, and what is reflected in their messaging confusion,
is that they want Switch to replace Wii U and for console customers to move to it ASAP...
Since 3DS is doing well still, they don't want to disrupt that side of things yet.
That is why their messaging is "home console".

Except it doesn't sound like Switch is exactly a large step up in power from Wii U. The main difference is it's portability.
It is a clear upgrade from 3DS. But if 3DS customers are the main ones they can attract to it right away,
then it's not going to actually be improving their profits in the forseeable future.
Now their concept of leveraging unified platform to simply game development makes sense,
and ultimately does require Switch to replace 3DS, but they don't want that to happen right away.
I guess they're depending on cutting off Wii U from new games, and continuing to release 3DS to work.

So Nintendo is not just worried about success/failure, but about the sequence/manner of success, which is dicier.

I honestly can understand why their stock price dropped after the announcement.
Even if it works out great long term, the short term risks in next year or so time frame are significant.

You hit it right on the head.  In another thread that I started a few days ago about Nintendo essentially confirming this is a handheld, this was essentially why.  Clearly they are launching switch in March to avoid losing any DS sales over the holiday(they are not worried about losing WiiU sales obviously).  They are clearly marketing this in the west as a console first even with its exceedingly week capabilities and its probable lack of true console like abilities out of the box.  Like others have mentioned, there will be another sku by next fall/christmas that has none of the features/accesories of the console and look like a dedicated handheld, I can't see them not doing that.  The dedicated handheld version next year will have the benefit of being a "handheld with console power", that or "now you can get the power of Switch dedicated to you on the go"  and still sell the HDMI adapter/base for $50 as a stand alone sku.  

They can sell a shit ton of accessories to make switch what the user wants.  You want a power brick for longer mobile playtime?  Yep we got it!  You want a mobile charger cord?  Yep we got it!  You want a slim HDMI out for travel?  yep we got it!  You want whatever....?  Yep we got it!  3rd party people will love it to with carrying cases, charge cords, protective shells, all of the BS.  All of this will be based on how succesful the Switch is.  It will succeed for sure, but where in the spectrum of WiiU-DS?  even if it is half as sucesful as DS it will do extremely well.

Have you even played the PSP?!

Co-op on a single mobile device?

it was pure nonsense

Maybe there's more to the console? We'll see in January. I find a bit funny reading some comments that Nintendo's idea is "unoriginal", seeing the hardware innovation other companies provide. Nothing is totally original nowadays, let's face it.

You mean playing PSP game via cable on half of screen TV!? Yes I am, thats just PSP, and does not act like real home console at all.

Well maybe I should've mentioned also the PSP Go, but you can dock them and play your PSP/PSP Go using a dualshock 3 controller.

It was unfortunate the PSP couldn't expand to fit the whole TV screen but it was still bigger than the actual PSP screen so i was ok with that.

Games like MGS PW, God of War, R&C, Crisis Core FF7 etc...they all felt like playing a home console game.

Maybe we experienced it differently, but to me the PSP/PSP Go was a genuine hybrid console that felt like a portable and home console.