Let's not forget that Software is what makes a console, not the hardware.
If Nintendo can get some really good exclusives, or even some neat exclusive content for the Wii U, i think they'll still have a leg up on the others.
Let's see:
Considering the Wii U has a touch screen, motion controls, 3DTV Support, AND the standard 8 buttons and two analog sticks, I can see it having a larger lineup of games than the PS3 if developers use the motion and touch controls responsibly.
The HD from that non pre-rendered Zelda demo looked too good to be true. If Nintendo can keep that up, we might be able to reach a new level of fidelity otherwise unknown to us. (Not to mention, re-releasing Twilight Princess in HD would make for some very happy Zelda-fans like myself (and a boatload of cash).)
Touch Screens tend to have more physical feedback than motion controls do, which is why I preferred using the Celestial Brush in the PS2 Okami, or the DS' Okamiden, over the Wii Okami. Using these as like a GPS, inventory, or even a Starcraft-Style minimap would greatly improve the gameplay.
Like I said, if you use the touchscreen like a Starcraft-Style minimap, it could also open the way for the Wii U to play RTSes I think that Wii U could rival PC gaming, and even make things more intuitive. (Hold your flame, PC gamers, let me explain)
Let's not forget that since the Wii U is capable of supporting a digital download service, we might be able to get Steam or *shudder* Origin on the Wii U Shop channel.
If Wii U prooves it can compete with PCs AND the PS3/360, Steam or Origin PC games could be available right off the bat on Wii U, and Nintendo would have an Achievement system (finally...)
Can you imagine that? If you bought Skyrim off of Steam, and Wii U prooves it can handle PC games responsibly as a console, you could potentially be able to play Skyrim on either your Wii U or PC, saving you an extra $60, and drastically increasing your Wii U catalog. (To me, that would mean an extra 50 games!)
Of course, I might have read that incorrectly. If only Steamworks supported games will work that way, then at least I would get to play Portal 2 on PC, PS3, and Wii U...
But this is all speculation. I have high hopes for this console, but I AM ready to have my hopes shattered at a moment's notice.