Rumors have been circling around Nintendo's upcoming console for quite some time now, but there are finally some reputable sources bringing not just hopes and dreams, but solid details on the mystery box. Thankfully there are a few helpful souls at Nintendo who have been kind enough to give out information on the Wii 2's hardware, release date, possible pricing and even the chance that the console will ultimately be titled the Nintendo 'Stream.'

Nothing gets us more excited than thinking about what we want from the Wii 2, or hearing that Grand theft Auto V is in development for launch, but at the end of the day, we'll take reliable sources over speculation.

The new information comes from IGN who claim to have received a wealth of insider information from a source close to development. The information can't be officially confirmed, but if the bits and pieces are to be believed, then Nintendo fans have a few big reasons to get excited.

First off, the previous tech specs for the Wii 2 seem to be fairly accurate, with the source claiming that the console will be based on a modified version of the AMD's R700 GPU architecture. Previous rumors had painted AMD's Fusion technology as the most likely to be used for the new hardware, but if this is the case, the console is more than capable of exceeding the performance of the PS3's NVIDIA processor.

As previously speculated, the new system, still known as 'Project Cafe,' will be using a triple-core IBM PowerPC chipset similar to that of the Xbox 360, but with even faster speeds. The days of less-than-HD Nintendo graphics will finally be over, with the system reported to output 1080p resolution, with stereoscopic 3D also possible. Whether Nintendo will be putting as much emphasis on 3D gameplay as they have with the 3DS is anybody's guess.

The console itself will be roughly the size of the first-generation Xbox 360, and designed to resemble a next-gen version of the original SNES. If that is the case, then the veracity of leaked Project Cafe mock-ups will have to be called into question. Some may have assumed that the recent earthquake and tsunami that struck Japan would have thrown a wrench into any development plans, but apparently that won't be an issue.

The Wii 2 is being manufactured not in Japan, but in Taiwan by Taiwanese manufacturer FoxConn, an electronics manufacturer whose hardware has found its way into Apple products, Hewlett-Packard computers, and even the original Atari 2600. Based on manufacturing costs, the console will be expected to sell for a retail price of around $350-$400. If Nintendo wished to boost incentives though, they could take a page out of Sony and Microsoft's book and shave their profit margins altogether.

Continue to Page 2 for the Nintendo Stream's possible release date... It's sooner than you think!

Nintendo Wii 2 Controller

The hardware is on schedule to ship by - brace yourself - this October, but whether Nintendo decides to postpone launch to avoid the lackluster catalog of launch titles that 3DS adopters are currently enjoying, the official release could be pushed into 2012.

It also seems that rumors surrounding the console's touchscreen controllers have hit close to the mark, with the source confirming the handheld's ability to both stream games remotely, and possibly act as its own handheld console, given the power of the Wii 2. Finally, if the simple name of Wii 2 lacks a certain evolution or flavor then it seems you may be in luck. At the moment Nintendo is leaning towards a brand new title, with the Nintendo 'Stream' being one of the front-runners.

It certainly sounds more futuristic/modern than a Wii or GameCube, but as Project Natal has taught us, no branding is ever final. There is still no word on whether the 'Stream' will use Blu-ray technology, either on game discs or movie playback, but we shouldn't have to wait too long before more information comes out of Japan.

So with hardware more impressive than the PS3, newer versions of the Xbox 360's chipsets, and the potential to stand apart from the past generation of Nintendo consoles, is there anything left to hope for from the Wii 2? Maybe the removal of motion controls, perhaps?

Until Nintendo decides to confirm or deny these reports, we'll keep you up to date on all the Wii 2/Stream details as they arrive.

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Source: IGN