According to a report today on IGN, Nintendo is considering Stream as one of the names for their upcoming game console. An IGN source also claims that the console might possibly see a release as soon as late October 2011, although it would seem more likely for Nintendo to wait until early 2012 in an effort to avoid massive hardware shortages.
As far as hardware goes, the system is reported to make use of an updated version of AMD's R700 GPU, despite earlier reports that it would use their Fusion hardware. That would mean that it should be at least as powerful as Sony's Playstation 3 system in many respects, probably going even beyond it in terms of sheer graphical horsepower. It seems gamers clamoring for a Nintendo HD console are likely going to get their wish.
We'll keep you posted on any further developments. Hopefully Nintendo can shed some official light on the subject at their investors meeting on April 26th.