Nintendo is a little late to the party here, well 5 years late really.
The processor is similar to the 360's (3 core), the GPU is a bit better than the PS3 (I think the 360's is better though). The console will be similar size to the old 360's not the new slim ones.
The only really different thing than the PS3 and 360 is that the controller will have a touch screen in it. That will also push the price of the controller up to $100 rather than $60 (rumors suggest anyway, unless Nintendo wants to take a hit on costs).
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