I dunno. RAM wise I think the next Sony & MS console will be on a similar level of 1-2 GB of RAM.
Personally, I am psyched. I never lost my love for Nintendo, though the past gen was the first one where I personally got other consoles, for obvious reasons.
Bringing all these third party games and core games is a massive boon for Nintendo. It will please most of the core crowd (I saw most because of those idiots bitching about Bayonetta) and may mean that the Wii U could reach Wii style sales.
I'm not worried for the future as the generational jump won't be as big as people think it will. Games will finally render in 1080p as standard and there will be better textures and bumpmapping. Other than that, it's not that much a jump.