Well, here's my listing of what N5/GameCube 2/Project Reality 2 should be:
Bluetooth Wireless wavebirds standard. This deletes the need for controller ports, but they should also be there to support GCN 1 wavebirds and gamepads. Up to 8 Wavebird 2's can be used on one GCN via bluetooth.
8cm Blue Ray or OptiRon DVD technology. Screw going to 12cm discs like Sony and MS. 8cm works for shorter loads, and with Blue Ray and OptiRon 20-1000GB capacity, there will NEVER be a need for two disc games. Game data can also be rewritten to the disc optionally instead of internal SRAM or portable SD memory.
Onboard SRAM directly in the hardware instead of an HD. Harddrives crash, and can become corrupt. SRAM can too, but usually at the lifespan of the entire console. Not to mention it's loads faster than what any HD could ever hope of transferring per nanosecond. The only downfall to this is SRAM is damn-near $1000 more expensive, so 1-T SRAM is probably more logical, with SD cards as backup.
Default bluetooth Wavebird configuration. Four analog triggers like PS2, with the same digital overrides (digital "clicks") seen in the Wavebird 1 pad. N64-sized D-pad, clickable analog sticks, Select button, and an analog toggle switch should exist on both the gamepad itself as well as on the console for override purposes. Varying GCN2 pads should also exist, like Wavebirds for fighting purists that resemble SNES controllers. Sony will be pissed.
DVD playback tray. Full-size 12cm/8cm tray supports both GCN BlueRay/OptiRon discs as well as future 12cm DVD-9 movie content, with upgradeable Divx and mp3 codecs (something Xbox and PS2 are currently missing). Support for rewritable/writable mediums, as well as multi-mode discs (game/music/movie). Built-in IR/bluetooth for optional remote.
Hyper-Z shaders implemented in Flipper 2 ISA/GPU. Allowing full-function, programmable GPU ops for automatic graphical upgrades of older GCN games, as well as unparalleled achievement in REALTIME RAYTRACING (though buffered). Flipper 2's estimated internal bandwidth should be no less than 100GB/sec, with texture read bandwidth at over 1TB/sec. Flipper 2 will boast 42 simultaneous texture layers, 32 infinite hardware lights, and an average of 60 million polygons per second in realworld applications.
Next-Gen Gameboy also Bluetooth Wireless with GCN2. Considering Nintendo's current philosophy, this goes without saying. Up to 8 GBA2's can link up wirelessly to GCN2 as controllers or extra feature devices. In a smaller role, GBA2's and GCN2's can also communicate with newer iPod's via bluetooth, and custom soundtracks can be made directly from your collection in the touch of a button, or game soundtracks can be taken with you on the road.
Full 802.11e Wi-Fi support for online gaming. No longer will you need a wireless bridge or multiple hubs to link Nintendo to your network- it will see and auto configure on first boot.
Built-in 1080p and Plasma Deflicker HDTV options. This massive frame buffer will no-doubt handle any resolution thrown at it for years to come.
Built-in Dolby Pro Logic IIx, DD 5.1, DD 7.1, and THX Digital 9.1 Surround for massive gaming experiences. Recievers are auto-detected by games, and set for optimal aural surroundscape. Official optical DTS connectors derived from Apple's G5 HDTV ports.
Killer Apps. Factor 5 creates a Killer Instinct-killer and PilotWings, along with the expected Rogue Squadron sequel, Silicon Knights finally releases Too Human and Eternal Darkness II, Valve updates Half-Life 2 for GCN2, Nspace brings Geist 2, Metroid Genesis and Raven Blade finally arrive from Retro, while Castlevania 6 (true sequel to the SNES game) and Resident Evil 5 debut for launch. Nintendo EAD also brings Super Mario World 3, The Legend of Zelda: Dragon Scale, Smash Bros 3, and two new titles- Massacre (a bloody RPG in the vein of Golden Sun), and Retrograde (a mixture of GTA and Legacy of Kain substance).
And with those expectations, there's no way Nintendo (or anyone else for that matter) can meet them. I'll still be looking forward to it, though...
-Official Ninja and Writer of [coming soon]...