Powered by the same GPU as the Nvidia Shield and a couple smart phones and chromebooks, (and not as powerful as current gen consoles or even close to gaming PCs), the Nintendo NX will use the Nvidia Tegra as a GPU/CPU combo for a handheld console with detachable controllers. It will also come with a home base that you can plug into to play the console on the TV. It will still play cartridges.
My guess is that it will look like the Wii U controller, except with detachable nunchuck controllers on the sides. I would photoshop something to look like that but I need a new photo editing program. ehh.

The Tegra is a decent chip, but I don't see Nintendo competing with Sony or Microsoft at this point anymore. Its like they are doubling down on their handheld market, which makes sense to me. They know how to make good handhelds and they sell. But if this is all true it seems a bit too gimmicky to me. The Wii and Wii U was all targeted at families and party games, but this is obviously targeted toward individuals and solo players. If the screen is the normal size of a cell phone and its meant to run games all the time, I wonder how hot the thing will get and if it'll need to be recharged every 2 hours.
Sources:
http://www.eurogamer.net/articles/2016-07-26-nx-is-a-portable-console-with-detachable-controllers
http://www.vg247.com/2016/07/26/nintendo-nx-is-portable-with-detachable-controllers-and-uses-nvidia-tegra-tech-report/

I think Nintendo has finally realized they can make massive amounts of money with their properties on non-Nintendo dedicated systems. Do you think this will affect Nintendo's console decisions in the future? Their handheld market has always been lucrative for them, but by braking out of their hardware comfort zone and succeeding, how long do you think it will be before we see more game releases from Nintendo on Android and iOS? Mobile pays off as big as it does because of the sheer amount of people that have access to it. I'd love to see Nintendo realize their market potential and start releasing games on Playstation 4, PC and Xbox one as well.
https://www.vg247.com/2016/07/12/pokemon-go-has-already-made-over-14-million-report/

If Nintendo had Pixar make their movies while maintaining control of the property so another "Super Mario Bros." live action fiasco never happens again, they could make some really awesome movies. But if Nintendo teams up with some companies in Japan that did the live action death note or attack on titan movies, this could lead to some huge flops.
Sources:
http://icv2.com/articles/news/view/34515/nintendo-plans-self-fund-movies-videos
http://kotaku.com/nintendo-wants-to-make-movies-1777033924
 

According to GameSpot articles that happened within seven days.
Xbox One Likely Won't Be Microsoft's Last Console, Exec Says
Nintendo Won't "Abandon" Wii U Fanbase, President Says
3DS Is "Here to Stay," Nintendo Exec Says
I'm probably making a big deal out of nothing. But it makes me wonder how bad is Microsoft & Nintendo doing if they have to answer these types of questions. I still expect myself to buy an Xbox One a month before The 4th Gen Xbox. And I'm still interested in the mystery that is The Nintendo NX.

Mega Man arrives at the Smash Bros. arena in this awesome trailer!