In response to reports that

In response to reports that it has all but abandoned the console race, Nintendo insists it's hard at work on a next generation successor to its GameCube console -- but that it won't be ready to show publicly for more than a year. In other words, there might be some truth to the rumors; this news at least places the system late enough that a launch slip might put the Big N's offering later than Xbox 2 and PS3. Then again, it's not entirely clear how much of their hands Microsoft or Sony will reveal at E3 this year -- so Nintendo might be right to play it by ear...