This is a tough one. I thought before launch we were looking at a system that would sell similar numbers to 3DS, but it's clear from the way Switch is trending it has more potential than 3DS. Even without any major hardware-driving titles launching in the last 8 months, the system is trending to beat 3DS's 2012 - which had a major title (NSMB2) and hardware revision (3DS XL) launching that summer. As Soundwave has pointed out, Switch is performing far more strongly in Europe and North America than 3DS did, and in the long-run, that's going to be significant, given the relative size of those markets versus the Japanese market. On these factors, and in its position as a hybrid system with a rapidly growing software library, I think we can count on Switch hitting somewhere between 90 to 100 million. A lot depends on Switch having a monster fourth quarter this year; hitting the 20 million FY target is a tough task, but if Nintendo are at or around the 18 million mark for the year, I think Switch will still be in a very strong position.
Major question marks for me are how long Nintendo support the system; what kind of hardware revision they launch and when; and the timing of major software releases. While this year will likely still be an impressive year for Switch on the back of an enormous Christmas quarter, I can't help but feel in future Nintendo need to space out major sellers more consistently. If Nintendo are serious about supporting Switch into the long-run (beyond the 4-5 years of support Nintendo normally give their home consoles), then they need to avoid software droughts by pacing their major releases consistently and they need to offer a revised Switch in 2020. 2019 has the potential to be a very strong year, especially if franchises like Animal Crossing and 2D Mario/Mario Maker join Pokemon Generation 8. There's the potential for a price-cut and more aggressive bundling in 2019, too, which leaves Nintendo free to hold off on a hardware revision until slightly later in the life-cycle. You could tell Nintendo were struggling to maintain or generate higher sales for 3DS given they were launching hardware revisions on a near-annual basis (July 2012, October 2013 for 2DS in the West, October 2014 for New 3DS in Japan).
While Nintendo may have launched many major franchises by 2020, a significant hardware revision in that year - combined with a wave of EPD-developed software to support it - could see Switch power on and achieve the kind of sales consistency Wii lacked, but which PS4 has achieved. If that's the case, I think we're looking at life-time sales somewhere in the 130 million region. While I've given two different estimates, I'll go with the higher figure - because it will be more interesting to see what happens in the years ahead, that way.