My idea of a console is something to differentiate from PCs, as current consoles as so close to PC as possible (using your words, “dumbed down PCs”).
The first think I can remember was funny in previous videogames was the “ready to play” factor: turn on the videogame and just play the game. I can imagine, by other side, something like the Wii Channels, but this should works only if all channels were games, probably downloaded ones.
Imagine: you turned on the console, and then can see a huge library of games, like the channels, just waiting for you!
And, the last but not the least, I think all downloadable content must be strictly verified by the console company. And the rules should be hard for this. No stupid DLCs, like characters on disc, or only new clothes. Maybe only new maps and true expansions.
Of couse, no social stuff at all. If you want to use facebook or twitter, just take your mobile or tablet.
I like this. Consoles are more fun when they are not PCs.
Instead of doing the GamePad approach Nintendo is doing to tackle the problem of multiple people fighting over the TV, another approach would be to sell little stream boxes. Not sure which room to put your console in? Never fear! Stick it in either and play on both. Since controllers are wireless and games are disc-less, why not? And the streamer would be sold separately, of course. You wouldn’t have to be forced to pay $150 for a big ass controller with a screen on it.
What disturbs me about the Wii U is that instead of differentiating the console from PCs, Nintendo is blurring the differentiation between handhelds and home consoles.