Yes and No.
I am happy with Nintendo's strategy as it's making video games mainstream. The audience on a site like this will be very different in 10-20 years than it is now. With everyone from girls to grandmas in these discussions (and more balanced discussions because of it).
I am not happy that noone outside of Nintendo (and even Nintendo at times) seems to know how to capitalize on this huge new world. Everyone else keeps churning out the same games, with prettier graphics, as before. Except it's costing them so much damn money now they can't make a profit. The industry is headed for a crash. I fear a couple big studios will go bankrupt, causing investors to flee the market (except Nintendo) causing more studios to go under. This will have a disproportional effect on HD consoles as Wii gets some of it's best games from small studios (HVS, Grasshopper, Platinum) which can exist on 350k Wii games and Nintendo of course, whereas HD consoles (especially 360) are dependant on 3rd parties like EA, Activision and Ubisoft to exist.
If such a crash does happen Sony is totally and completely f---ed. They'll never sell enough software to ever come close to recooping PS3 loses. I would not be surprised if they pull out as MS has deep enough pockets to continue fighting them despite endless loses until Sony is pushed out. Then MS will have the 'core' monopoly and can be profitable for years with the 360.
The games media is growing ever more out of touch with the gaming market now. They are catering to an ever more niche game enthusiast and growing ever more vocal and unprofessional about how Nintendo and it's fans are killing gaming.
I expect to see a lot of market correction in the next couple of years. It'll be an interesting show to watch, but it won't be pretty.