Well I'd just like to point out that it's a RUMOR...although this has been said before people don't seem to get that.
Also so what if Nintendo releases a new Wii in 2011? The current Wii will have had a lifetime of 5 years...which doesn't seem too bad to me O.o (That's about the same lifespan the Gamecube had and I didn't hear anyone complaining back then).
Also according to the rumor the new Wii will be able to play the current Wii games so it shouldn't really be a problem since you can sell the current Wii to get a discount on the new one.
The only problem I see is calling it Wii...again...
P.S. Nintendo has made some very good games for the Wii, it's not the company's fault that third-parties are all mostly lazy buggers...