Joycons without a DPAD, terrible decision for those looking something portable or "semi-handheld".
True, but using that design allows you to have a 2 player multiplayer on the go with only 1 system. Worst case scenario, you can have the Joy-Cons always attached to the Switch for handheld mode and buy a pro controller for home use. I know that's what I would do, and probably will do once I learn more about the Switch's launch titles - 3rd party support seems pretty good so far, and they've lost the gimmicky control options (no touch screen, motion sensing etc.) to allow for more cross-platform games.
All in all, I want it so bad - in handheld mode, it's like a more polished version of the JXD S7800, which I adored. As a console, it drops all of the gimmicks as far as I see, making it far more viable. It just seems very good, and like a TRUE alternative to mobile gaming and the Android handheld market (especially if it can be modded and emulators to be installed on it).
EDIT: Regarding power and competition with the XB1 and PS4 - That's true! As a handheld, it probably won't be able to output 1080p 60 FPS no scope. However, it has two parts - the tablet part and the docking part. Maybe the docking part houses a more powerful hardware or a cooling system to allow an on-the-fly overclock, I don't know - but it could be able to support at least 720p 60 FPS on a graphics intensive game (such as Skyrim) while docked, and while moving to a more reasonable display (such as 480p 30 FPS, less than a fifth of the GPU requirement of console mode) when portable. This would also support the battery better, as the main thing is that they cannot compromise on CPU speed and function - doing so will lead to gameplay being different in the two modes, which is not the point of this device.
My point is, it's feasible. There's a lot of conjecture and we don't have any specs yet, but it IS possible to do this by having differential graphics quality depending on the medium.