I'm surprised any of you are surprised that it will once again be under-powered. Nintendo consoles are for a niche market now (this coming from someone who owns a WiiU). Even when they had the fad stage of the Wii, third party games did not sell very well. Having a more powerful console to try and compete with the big two would be foolish. Like always, they will come out with a device that is profitable from the start because it uses older technology. Why would they risk losing money on a console that will likely not sell all that well unless they happen to catch lightning in a bottle like they did with the Wii?
Sony and MS compete to see who can be on top. Nintendo execs just want to continue to make money.
It just doesn't make sense. Wii U was a failure, maybe they made some money but any company would be foolish if all they wanted was to sell Wii U numbers (niche market). I'm sure any right thinking executive wants to see Wii numbers again. They always say they have "learned" things from their mistakes but it's a can of bullshit. 3rd party games bring more sales to your console, PS4 is a great indication of that.
The talk of a possible hybrid\home console might not make a whole lot of sense either. I mean shit it's cool for sure and would give Nintendo a strong focus if it's one platform but at $300 or up you might be knocking out that 3DS kid crowd (buy it since it's cheap).
They talk revolution but the Wii fell flat on it's face after Wii Sports and the "new cool" factor wore off. You were left with an underpowered non-HD system that got a ton of shovelware.
The Wii U is HD but again under-powered and the Gamepad is an underpowered tablet that no one really gives a shit about because they did little to prove it was needed. Then you have Miyamoto sticking up for Starfox's controls when most people who tried it said it's shit. They talked simplification and the Wii U as a console and a controller and all the different options is a cluster

. Wii remote plus, nunchuck, pro controller, do dad, gamepad, la la

all this shit.
Why not just make a powerful home console (even at the level of a PS4) so you start on even ground? Then let the 1st party games speak for themselves.
Nintendo hasn't "learned" anything. I bought a Wii U on the cheap so it doesn't bother me as I knew what I was getting but how long until there is a serious clearing of the old guard at Nintendo? The repeating scenario for them is getting old.