Apple is good at picking off low-hanging fruit. They succeeded with two products: an mp3 player and a phone. Neither involved a high barrier to entry, they pretty much added a few style innovations to products that were not yet mature, and their fan base ate it up at any price point.

Apple does not have the 25 years of experience or relationships with second- and third-party game, tool, and peripheral developers that Nintendo has. They do not have the willingness to sell powerful commodity hardware at a loss that Microsoft and Sony do.

Putting aside that it’s questionable that the market can support a fourth major platform, that the three existing players are all doing well, (with Microsoft in particular kicking ass) I’d need to hear a lot more in order to be convinced about any "major usability issues".

The game industry is not dysfunctional like the music industry is, leaving Apple without an opportunity to swoop in and sell their own Wii that costs $700, has the sleekest one-button controller you’ve ever seen, and only supports the 11 games of this generation that run on OSX, which you can only buy through iTunes.