No it isn't, at least not in real-world application. Out-of-order execution is great for running sloppily compiled code efficiently, unfortunately the fact that its going to receive ported code optimized to run on in-order hardware is going to undercut that advantage substantially.
What you see in the specs is a system designed to run Nintendo games in HD res, no more, no less. Nintendo's key franchise titles are not that processor intensive; which isn't to say they have less merit, its just that you don't need masses of computation to make a better looking mario, just a solid GPU.
Well, ports will continue to suck if it's just a straight port from 360 and it's in order CPU. The next Xbox is rumored to use a IBM Power7 CPU which is quad core, quad thread ea core which gave us the 16 "core" talk we heard about for the Durango conference. It's out of order and the AMD A10 is out of order, so the future seems to be going into that direction for their CPUs in consoles.
Obviously, the CPU's in the PS4/720 will obliterate this little tri-core, so it really sounds like Nintendo was blowing smoke to us all when they talked about wanting to bring in a more gamer audience so we can get our call of duty, grand theft auto games, but it was all a smoke screen in the end. The only thing they did to cater to devs was give us a pro controller option and that's it.
I think you hit the nail on the head in regards to Nintendo only caring about building a system that's cheap and powerful enough for THEIR franchises. Non of their games require complex AI or complex physics. It's just simple shit, so they just threw in a decent GPU to make it look pretty and that's it.
Luckily for me, I know Nintendo is only about Nintendo. History has shown that people don't buy a ton of 3rd party AAA games on their systems and of course they know this too. No point in building a "360" when gamers will grab those games on their competitors console.
Wii U for Nintendo games
Next Xbox for everything else
PC when that console gen starts dying again