According to multiple reports today, Nintendo will reveal a new console at E3 this coming June.
Game Informer first reported that the console is capable of running games at "HD resolutions." Our sources have said the the console is significantly more powerful than the PlayStation 3 and Xbox 360, and that Nintendo's intent is to recapture the hardcore market. Another source said it is capable of 1080p resolutions.
Nintendo is reportedly showing the console to publishers to garner interest for a late 2012 launch.
Additional sources tell IGN that Nintendo will release a pre-announcement this month with a full reveal expected at E3 and that the console will be backwards compatible with current Wii software.
http://uk.gear.ign.com/articles/116/1161893p1.html