There has been a ton of news released for the Wii U, as far as details about the Wii U Gamepad regarding it's weight, or the fact that not every game will support 'Gamepad-only play'.
We also got a glimpse of the new Wii U Pro Controller which largely resembles an Xbox 360 controller. Many of course claimed that Nintendo is copying Microsoft's design, which Nintendo already defended against. Looking at its catalog of announced games however reveals that there will be some big blockbusters, only previously available on HD consoles, such as Assassin's Creed 3, Mass Effect 3, and Batman: Arkham City​, making their way to Nintendo's Wii U.
Microsoft looks at the Wii U as being generally the same system as a 360, graphically. Of course the 360 won't have a dedicated Gamepad with its own screen, though Smart Glass might eventually change that, but looking at it strictly from a graphics and Pro Controller standpoint, you're looking at a very similar system, or so says Microsoft's Phil Spencer.
​In a recent interview with Corporate Vice President of Microsoft Studios, done by GamesIndustry International, he stated:
"I think their Pro Controller makes a lot of sense with the platform they've built. They are building a platform that is effectively a 360 when you think of graphical capability."
"Now they are really making an on-ramp for the back catalog of games that are on 360. It is easy for those games to move over to the Wii U. They've moved the buttons around, and they've made a controller that feels familiar for 360 gamers, so I get why they are putting those pieces together."
While this could be looked at as Microsoft acknowledging Nintendo as quite the competitor, it's known that the next generation of consoles is already being developed, which might essentially leave the Wii U behind again. With that said, no one yet knows the full potential of the Wii U, and for all we know, it might show us all up.