The problem/knock on Nintendo has always been that their first party titles kill any third-party title sales. Frankly, if Nintendo would stop acting like it was 1988, communicate their release schedule to their third party developers and promise, say, a one-month window between AAA Nintendo releases (e.g. Zelda, Mario) and third party AAA titles (e.g. Battlefield, Tomb Raider, CoD) make a system powerful enough to run the games, and invest in their network infrastructure/online play and virtual console library, they would be golden.
Hell, there's no reason that Nintendo, with it's vast and accredited library, should not have something like a Netflix for videogames service set up--$10/month or $80/year, and you get all the VC titles you can consume from Nintendo's back catalog. Hell, I'm sure you could even get Sega to port Genesis/32-X and Dreamcast titles, get TG-16 titles, etc., and people would go apes**t over that.
This alone wouldn't sell the console, though--for that, Nintendo needs to take a bath on the WiiU and come up with a system that can compete with the big boys. One that can be both a media center and a game console. And frankly, there's enough experienced former Sony and Microsoft execs from the PlayStation and XBox launches that they could help make this happen in short order.