I love the hardware, but Nintendo needs to build a more cohesive online multiplayer system and quickly. As always with Nintendo, their success hinges on price. The hallmark of Nintendo systems in the past has always been their low cost to produce. I'm not sure if that's the strategy they're pursuing this time as the controller looks more expensive to produce, but I'm sure that using a resistive touchscreen and some economies of scale will bring the price down, but I can't see it realistically going for less than $70-85.
Based on the IBM-and-AMD-sourced CPU/GPU and the fact that Nintendo didn't mention its comparative prowess, I'm guessing that its capabilities are roughly similar to the X360. I expect it will be $300 bundled with a controller and some type of game.
Overall, I like it, but I'm really beginning to grow concerned that Nintendo genuinely does not know how to create a product that integrates well with other products/services. They just need to keep the first-party games chugging.