I just don't see it happening. MS would never let anyone else handle the Xbox division of nay country without being 100% in charge of the company. Nintendo would never put themselves in that position without being entirely owned either. So long as they are autonomous I don't see them doing anything but making their own stuff. And the moment they are owned by anyone, MS, Sony, Apple, Google, whatever... that's pretty much the moment they are going to slide down a path they likely won't ever come back from.
Now, in an ideal world... yes, I think they could do some awesome things. Make a handheld that works with the Xbone for instance. I think with MS's infrastructure and resources they could do some AMAZING things.
They could be a dedicated handheld division for them as well as a game studio. They could even bring a lot to the table for the WinMo phones and the MS tablet market.
To be back on topic, the same thing could be true of Square/enix as well in some ways. But I just don't see it happening. Any company investing in them that deeply is likely to have some problems figuring out what they want them to do.
Churning out increasingly more movie like FF games obviously isn't winning them more market, but their MMO games seem to be a bit better received. Likewise many of their handheld games go over pretty well.

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