I'll admit that my position is based purely on hunch. I base it entirely on the fact that the system was released in November and we're in May now with nary a sign of them on shelves, which is VERY unusual. Apple hasn't had anything like this kind of supply problem with the iPod, and it's sold over 100 million in the last five years. That's more than 1.5 million sold, every month, not for five months, but for 60 months straight! Nintendo's practically using off-the-shelf parts here. Nothing about their system uses any kind of advanced technology. I just find it hard to believe that they are unable to meet demand almost six months after launch, especially considering that they had been building and stockpiling millions of units clear back at least in September, maybe earlier, to prepare for the launch, so they haven't even had to build as many as they've sold since launch.
The shortage may be real. Maybe they just can't keep up, but six months after launch? For a system that should pose no significant production difficulties (like the PS3 does)? For a company that has been building consoles for more than twenty years? For a console that has almost an identical architecture to their previous console, and uses all the same companies (companies, I might add, with loads of production capacity like IBM and ATI)? It just doesn't add up for me.