Japanese video game maker Nintendo Co Ltd said on Tuesday it was developing a successor to its GameCube console.

"Our machine will be ready at the same time as the other new consoles, but we're not sold on developing powerful microprocessors to create graphics that cannot even be viewed on existing televisions," said Nintendo spokesman Yasuhiro Minagawa.
The company plans a new peripheral item for the GameCube, but Nintendo's Minagawa declined to comment on what the new "adaptor" would be. More Details on Reuters UK.

So Nintendo stays in the game for the next generation Game Consoles. See also the latest announcements about the new Microsoft XBOX and the Sony PS3.
Nintendo also was in the headlines with their handheld game console announcement. At the E3 show they will reveal the Nintendo DS.