I think Nintendo's relevance in the big boy console market in 2012 is slipping further and further down the slope.
Compared to its competition... at least they're doing something. And hey, they're releasing a stronger console than the competition that devs love to develop for from all I've heard, and there's some cool stuff coming up eventually.
Microsoft just... doesn't care it seems. The 360 has so little first/second-party support you wonder if they even know they have a console on the market, and it's unclear what they want to do for next-gen.
Sony... Well, if they mess up again the whole company is going down. I wouldn't be surprised to see them die in a year or 2.
At least Nintendo is still relevant at all, and they're still the only company in the console market that's a pure gaming-only company.