Nintendo Announces Wii Successor, Codenamed 'Project Cafe'

This morning, Nintendo president Satoru Iwata went on record, admitting that the company's 3DS sold below expectations.

He was fairly candid, revealing the difficulty in getting consumers to appreciate glasses free 3D, and that many users have yet to spend time with the different features, including StreetPass Mii Plaza.

A couple weeks back, we picked up on rumors and tips that Nintendo's next home console would be unveiled faster than expected. The so-called "Wii 2," which we since learned has a codename of "Project Cafe," and might ultimately be called the "Nintendo Stream," would make its debut at E3 2011. Its intended release date is 2012.

Iwata promised that Project Cafe will offer something new for the home console market but told investors that the new machine would not arrive before April 2012.