I too am disappointed at the likely short life-cycle. We're not the only ones, believe me. Knowing Nintendo, they would have loved to stick it out much longer and milk GameCube for all it's worth.
However, if the competition is so dead-set on engaging in next-generation activities(some already courting developers with their vision of hardware capability, and features),
what the hell is Nintendo to do? 
Act like the competition is going to wait on them? Give them a huge headstart? Give thrid-party more incentive to "abadon" them? Start software development late? Let the competition mold the minds of the potential "GCN2" buyers and gain overwhelming consumer confidence? Basically, making all the same moves that got them in the situation they are in now?
Come on! It's all unfortunate(short cycle), but you gotta do what ya gotta do.
PS: I hope the industry doesn't keep this up(pushing for next level of hardware, and not giving the current gen enough time to hit their true potential). Everyone is so anxious to take hardware to the next level -- that's not saying it's a bad thing -- but meanwhile, content isn't advancing near as fast.
The greater the push for new hardware is, the less time content has to evolve. On the bright side, the sooner the industry hits that ultimate level of hardware capability, the sooner they'll have NO CHOICE but to focus on content in order to capture a gamer's attention. A point where developers will be able to say, "
Ok, we've got all the capabilitily we need, let's just kick back and make the best games we can." But, until that time comes, you'll have to put up with these short generation cycles, puntuated
mainly by huge graphical leaps and small content jumps.
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