The problem with such an arrangement is that it ignores the software sales of Wii and Kinect vs traditional HD games.
While those sales do lead directly to royalty cuts for the software at hand, the other big thing such an approach would cut is actual time that people turn on the device and use it.
Relying solely on the gimmick end as Wii did relegated it to a dust collector for most people and many would argue Kinect is on the same path.
So if that (kinect2.0) is the angle that they are hoping will lure in the masses, I believe they will be sorely mistaken and not only sales of games will take a hit. Sales of movies, games, tv-shows, music, XBL subs, and potential ad revenue ALL would take a hit from going the wii route.
Especially if there is an alternate which DOESN'T go the Wii route.
But again, it all depends on what their corp goals are ... a slightly improved xb360+ bundled with kinect2.0 at $300 by the end of the year will sell. It will generate a significant userbase rather quickly. And then as soon as someone comes out with a real nextgen machine, it will be Dreamcasted. MS doesn't have the brand strength yet to pull off something as bold as this approach. Graphics matter, and especially when one's brand has been built on the premise.