weird, it was also going to be the 32 bit system, but they skipped it because of a breakthru and went straight from 16 to 64, which was unexpected. I always wanted that Dolphin, it was cartridge based, and looked alot like a NeoGeo system from the released pictures in the old game magazines I read.
I was getting it mixed-up with another AQUATIC name "The Sega Neptune was also announced as a standalone version of the 32X, but ultimately canceled"
But, wasn't there going to be a 32 bit Nintendo machine that was cancelled due to N64?