I say it stands for Nintendo Xenosphere or something equally "Spacey".
I don't know why, but when I heard that Nintendo was working on making something other than a game console, I assumed they were making a sort of artificial intelligence which would allow you to remotely control all aspects of your home; through cloud, it would be a thermostat, it could turn on electronics and appliances, it could lock your doors, even turn off lights and would be controlled from a wearable readout not unlike Google Glass.
Also, I'm getting really tired of people in YouTube comments on the subject. "Durr hurr! Nintendo is really going down these days! It hasn't been five years and they're already releasing another console! #PS4MasterRace!"
While I'm not going to argue that the PS4 looks pretty epic, (certainly better than the XVCR) they forget that while the PlayStation 1 came out in Japan late 1994, the PS2 began development in 1999, and as OP Luigison iterated, development on new consoles is not really news over release dates and concrete information.