So if this hardware is always changing, it's safe to say the Wii U is really going to shine at next E3 and hopefully blow us away with cutting edge graphics and overall power.
Cutting edge graphics and the like? No, not really.
What I feel we should be getting out of this is that rather than building a console that suits the needs of just Nintendo, we get a console that works for everyone. This effort started back with the Gamecube, by attempting to make the console easy to develop for, but Nintendo appears to be putting more effort into that with the Wii U. So the console won't necessarily be amazing, but it should be able to please all, but the minority who cherish the bleeding edge.