Nintendo will try to milk the Wii as much as they can. As HD TV sets became more popular, they will have to upgrade their console, which is likely to be before Sony and Microsoft, although I don't think it will be as sooner as most gamers, me included, would like.
Whenever it cames, the new Nintendo console will be HD -- Iwata already told us in the last E3.
It will be probably back compatible with the Wii and perhaps with the Gamecube -- they might take out the controllers and memory plugs to save some money.
It will probably be cheap. My guess it will be sold for US$250.00, although I agree that US$300.00 would be the limit.
It will expand the notion of motion controls, perhaps beyond M+. However, anything I say in this realm would be pure speculation and Nintendo have already proved to be far more creative than me.
I seriously doubt they will offer some sort of WiiWare and Virtual Console's titles transfer between the Wii and the new console as it would be very hard to implement. Perhaps they will move to an account system, similar to Sony's, which will make things easier in the next upgrade.