It's funny that investors wonder how the Wii U will compete with the iPad and smartphones.... when it is is no way competing with them at all. The Wii U is mainly going to compete against the Xbox 360 and PS3, yet the Wii U offers more gameplay variety, more processing power, and Nintendo games.
Gamers are excited, investors are dumb and out of touch. This will be proven upon launch next year.
I highly believe the new level of third-party support will greatly take back some lost market share from Sony and Microsoft and put it back in Nintendo's hands. As popular as FPS games are on XBOX and PS3 none of the current renditions could compare with what the Wii U can create. Imagine playing with friends while one is waving his controller around as if he's looking through a real sniper scope, one is driving a humvee, one is chain-gunning, and yet another is committed to air strikes all interacting through their individual screens as if they were manning these devices in real life. Note this is just one of the hundreds of popular current game genres. The possibilities are near limitless. Once the reality starts to sink in of how innovative the system will be beyond XBOX and PS3 standards, and how Nintendo is now utilizing Microsoft and Sony's biggest third party vendors, average investor sentiment should change dramatically. I think this is going to be the biggest change in gaming we've ever seen and the markets will eventually reflect that.
You can only use one of the fancy new controllers per console (everyone else has to use a Wiimote). They only thing they showed at E3 was the fancy new controller. Do you think a parent with multiple kids is going to buy the WiiU then deal with endless arguments over which kid gets to use the shiny new controller?