Found this at 3AM on 1up:

Strong Signs That Nintendo Plans HD Wii for 2011

Developer rumblings and financial reports point to new hardware in the works

By Garnett Lee, 09/30/2008
What They Play posted a well-considered article today speculating that Nintendo intends to unleash an HD successor to the Wii by 2011. Citing game developer and publisher sources, the story specifically calls the new hardware said to be in development "next generation" and a "true successor to the Wii." Those sources declined to detail any specifications but did describe the capabilities as including high definition video output, emphasis on digitally distributed content -- with the storage solution to make that viable -- and continued backward compatibility.

Along with the anonymous sources, What They Play examined recent Nintendo financial reports. From these they found the company to have dramatically accelerated its research and development (R&D) spending in the past few years. Putting more pieces of the puzzle together, the story further notes that the joint development agreement between IBM and AMD that in part resulted in the Wii hardware internals expires at the end of 2011. If backward compatibility is a priority that could provide a good bit of incentive to get the next machine together.

At the same time, the current hot rumor is that Nintendo intends to unveil a new DS handheld at any moment. With hinted at specification like a camera and music player taking it ever closer to that of the iPhone, you have to start wondering whether slowly but surely Nintendo is positioning itself to make a play for more than just your gaming dollar. Considering the high aspirations the company once held for connectivity between the GBA and GameCube, it's not that difficult to imagine the new DS as first link of a new tandem.

Regardless, for anyone who enjoys conspiracy theory-like speculation, it's worth popping over for a full read.

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Rumors? Truth? What do you think?

GEE WIZZ! A NEW CONSOLE AT THE END OF THE CURRENT CYCLE? I WISH I THOUGHT OF THAT!

I would expect one a bit later, to be honest with you, but that seems as safe a year as any to bet on.

um, I've been predicting a new Ninty console that supports 1080p 60hz in 2011 for ages

why do you suddenly listen to this site but not me?? :P

Part of that massive R&D spending increase will include Nintendo's mysterious holographic storage technology.

It's a crazy thought, but if Nintendo can actually make effective holographic storage affordable in time for the Wii 2, they really could go straight digital distribution. The disc drive would only be for backwards compatibility and perhaps the option to buy games retail.

its too early, ending this gen then is a mistake a big one. i can understand wanting to be first, but it will only hurt the person who does it this time, 2013 or latter will be a muchbetter launch time

I was more hoping for a new console earlier, fully compatible, but noticably cheaper. Say $150. The Wii2 will not overhaul the current design. it will just enhance what's already in there. Which means the main board will get some tweaking, probably a multi core chip this time, more memory to support higher res and whatever new input. Since it's not a start from the ground up design and most of the manfuacturers will be already in place for production I could see it being much cheaper by 2011. Then again I wager it's going to be between 360 to 540 power level.

I also don't think there will be a HDD, but instead a 2-4 gig flash. They can so put one of these http://www.ncix.com/products/index.php?sku=25056&vpn=PSF4GSDHC6&manufacture=Patriot in. Since they buy in bulk it would only up the price by $10, maybe. I also wager that there are cheaper ones out there. For offline storage this would be fine. Keep in mind I'm betting the storage is not for game installs.

I don't know.. I doubt that early but I'm sure Nintendo will have something ready to go by then if need be.. Everything else is speculation that anyone could come up with..

A HD Wii with a super advanced Wiimote would be the best console ever o_o

A new Wii 2011/12 sounds spot on. HD tech will be dirt cheap and plenty of HDTV's will be in consumers homes so Ninty will definitely go HD. Flash memory will also be cheaper as will hard drives so the big N will have plenty of storage options to go for.