Saw this news story on GameSpy:
Nintendo's President Satoru Iwata said, "We are preparing a new product which will be surprising and unique." Huge speculation exists across the web this morning as to the actual format of the new product. While it may be a long shot, gamers seem to think that Nintendo will trump Sony's upcoming PSP handheld system by creating a portable handheld version of the GameCube. This remains to be seen.
With the Game Boy Advance hardware selling extremely well world-wide, relatively poor GameCube sales are still occurring. Whatever this new gaming product turns out to be, it's clear that Nintendo doesn't count itself out of the console wars as of yet.