It appears as if our old friend, Nintendo, is trying to jump ahead of the competition. Many online sources reference "Project Cafe" as the codename for Nintendo's next gaming system. IGN is reporting of a new CPU that is superior to that in the Xbox 360, and a GPU superior to the PS3's.
Project Cafe, or the Wii 2 as some call it, is rumored to have two different kinds of controllers. One of which is supposed to have a 4" touch screen display in the middle of it (other sources say up to 6.2"). The folks over at IGN have made a concept design of the controller. The other controller is to be in the same style of the Wii.
With the hardware advances we're looking at, we should expect the console to cost somewhere in the $350 to $400 range. Nintendo may be trying to break away from some of the pre-conceived notions that people have about them nowadays. Most people refer to the Wii as being a casual game console. Nintendo may be trying to win back some of the fans that left them for a more "hard core" gaming experience.
The earliest we could see Nintendo's next console could be by the end of this year. It may be more likely that we see it sometime early in 2012. Only time will tell. Old-School Nintendo fanboys rejoice!