You guys are totally forgetting how Nintendo has strategized the price war.
The Wii U is not only able to gets ports from the 360 and PS3, it's able to have a ton of original exclusive games on it, and by the time the PS4 and 720 come out, the Wii U will not only be able to drop in price to 200 or $250, but it'll have a ton of 360/PS4 games AND Wii games, since the 720 and PS4 will not be backwards compatible. This speaks to the families and people looking to upgrade
Not only that, but its powerful enough to have practically any PS4 and 720 game, especially since MS and Sony's pockets are hurting and they can't afford any more losses on going on expensive consoles
and by the time the 720 and PS4 launch, they'll be competing with Gen 3 Wii U games that will look as good as devs figure out the new architecture. For $200 people will flock even more to the Wii U, create a userbase that publishers can absolutely not ignore, and last more than a couple of years until the next Wii console launches.
its the blue ocean strategy Nintendo has used since N64 and theyve done nothing but win. If it were a choosable tactic in Starcraft it would be a "win" button