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What'll happen when devs stop making games for the PS3 and 360? Will they also stop making games for the Wii U in favor of the PS4 and One?

No.

Probably

Regardless of third party arrangements, Nintendo has a bad time with ports. Sniper Elite, for example, just got ported over but in a godawful cutback state, and that's a year old game.

To my mind, it's a lost market anyway so this will make no difference. The Wii U will live or die on games made specially for it- hopefully by others as well as Nintendo.