Source: A post at pro gaming blog Kotaku citing "an insider with Nintendo" as the source of the information.
The official story: Big surprise: "Nintendo does not comment on rumors and speculation."--Nintendo rep.
What we heard: While the DS Lite release date was undoubtedly the biggest issue brought up by Kotaku's source, he/she also mentioned a pair of other possible Nintendo plans: a "pearl pink" Game Boy Advance SP for release later this year and a discounted Player's Choice line for the Game Boy Advance that will feature games like Super Mario Advance and Mario & Luigi: Superstar Saga.
Though the pink GBA news isn't exactly earth-shattering, the Player's Choice line seems like a long-overdue idea for the GBA. Nintendo announced last week that GBA software sales were down almost a third from the year before. That means the time is ripe for the company to cut the prices on its most popular games in order to squeeze more bucks out of the system before it's completely overtaken by the DS.
Finally, the mid-May projection for a North American DS Lite release seems entirely possible, although a little underwhelming. Ever since the Game Boy Advance release, Nintendo has been narrowing the time frame between its handheld debuts on either side of the Pacific. With the GBA, it was under three months. The SP arrived in US stores within a month and a half of its arrival in Japanese stores. And the DS actually debuted in the US, with Japanese gamers getting their hands on the system a scant two weeks later. Most recently, the company's Game Boy Micro redesign had a slightly staggered release--there was a week and a half between its release in the two territories.
If it follows the Game Boy Micro's lead, the DS Lite would hit US store shelves within a couple of weeks of the Japanese March 2 launch. On the other hand, Japan has been experiencing a pronounced shortage of DS systems of late, and it would make sense for the company to concentrate on its home market first before launching the hardware elsewhere. That could be one explanation for the May release date, which Kotaku editors told GameSpot was "solid."
Bogus or not bogus?: Tentatively not bogus. Regardless of the source's authenticity, this is all stuff Nintendo should be doing anyway.