Could be successful enough to carve out Xbox's current niche in the console market, or it could bomb like their first attempts in 2015. With the Steam deck and gaming laptops being available for folks with a desire for a mobile, compact PC gaming experience, I don't see it being a strong contender against Ninty or Sony. Sony has the disgusting casual/normie market locked down pretty hard, and Nintendo has their IPs and audience that won't budge like kids and people who grew up playing their games.
The Gabecube would instead target Xbox's non-hardcore audience I think. The thing that will make or break the Gabecube will be the price. The imbeciles at Xbox have heavily hinted at the possibility that this "premium" priced console will be more PC like and will cost as much as one. If the Gabecube can match or undercut the next Xbox in price while offering at least similar specs, then I think the Cube could piss and shit in Xbox's face while not moving too many customers from PS or Nintendo. Why the fuck would you buy the next Xbox console just to play their shitty, woke games when you can get the massive library that is Steam?
Personally, I'm interested, but not enough to be preordering or anything like that. I already have a gaming laptop so I don't really see an immediate need or desire for an entirely new console that might cost up to 1k.