Albionus just covered a number of the things I considered with my crazy prediction (see sig). If I might add a few more insights....
1) People know Mario, people grew up with Mario. This by itself will not sell epic numbers of games. But combined with a great deal of excitement spread by word of mouth, I think we will see that Nostalgia of youth and the greatness that was, and could be again. It may well drive people to attempt to recapture some of that magic while giving their kids a chance at a taste of what they had.
2) I see the potential for a fitness fad hitting the Wii as a result of the balance board, and if a fitness fad hits the Wii its number could very easily balloon (no reverse pun intended). When/If that fad were to hit point 1) comes into play big time. Because if you were 10 when SMB came out you are 32 now, and probably have kids (statistically speaking, 2.09 kids [CIA FactBook, 2007 est.] in the U.S.).
3) I believe the Wii is going to have one more surprise for all of us this holiday and it is one I have not heard anyone mention anywhere. What do you think will happen when families gather at X-mas time and the Wii inevitably gets set up and entire extended families get to see this thing in action? Lingyis' signature says "the Wii is an epidemic.", I think this may be more true than we know. I think that come winter sales are going to be just as strong as ever, as people catch the Wii bug and get that "gotta have it" feeling, and I think this phenomenon continues X-mas after X-mas after X-mas. And again point 1) comes into play now as an entirely new generation of families re-discover the joys of Mario all over again.
Now granted, I am well aware that a large part of this is based on speculation, but isn't that what a good prediction is about? Coming up with your theory of how it all ends is one thing, but to back it up with a theory of how it all gets there is quite another thing, and I think ultimately lends to (as a community anyways) the potential for more accuracy in the predictions. If nothing else it leads to more interesting predictions, that I'm sure of.
Edit: I just wanted to add that a lot of folks over the past year have continiously tried to quanitify the Wii by comparing it to the way other "similar" (whatever that means) technologies have performed. And the one constant is that they always find a surprising outcome. I really don't think an accurate prediction of Wii sales can be made without at least giving large consideration to the track record of the Wii going outside the confines of the normal sales trends.