When Nintendo said it would cut the Wii's price to around $150 a couple of weeks ago, game followers began speculating about what the company was up to. Now we know. The good news: A new console's coming. The bad news: It's not showing up until 2012. It doesn't even have a name yet. But maybe we'll hear what to call it during the planned product announcement at E3. IGN thinks the console will look something like this:

It sounds like it could be a kick-butt console, though. Attack of the Fan Boy provides these unconfirmed details:

The system architecture will be based on the AMD R700 GPU, which if true would outperform the current GPU by Nvidia in the PS3.  The console is also rumored to include a custom built triple core IBM chipset which would rival and surpass the Xbox 360 because of fast clocking speed.  It will support 1080p out of the box with the potential for stereoscopic 3D. In terms of console design, the console will comparable to the original Xbox 360 specifications.  It is rumored that the console will resemble a modernized version of the Super Nintendo Entertainment System.  Further speculation on the matter of touchscreen controllers has once again reared its head with the controllers noted as being capable of streaming games to each controller, as a virtualized console.

By the way: At least one rumor says it'll cost $400.