Pro: We won’t have to repurchase games.
Con: Assuming native compatibility, this likely won’t be a very exciting console.
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Con: Assuming native compatibility, this likely won’t be a very exciting console.
But... this is in direct contradiction to what you're saying.
The Wii U was essentially a beefier Wii and it failed. It wasn't revolutionary, wasn't much of a new form factor. But it did have beautiful games.
If you look at all the Nintendo consoles that ate up the competition, none of them are "iterations". They're brand-new things. DS, Wii, Switch were all major departures from what came before them.