Update: In a follow-up unboxing video, hiphoptherobot shows a bit more of the system menus on the Switch, including an “Initialize Console” menu that contains an important note:
Your Nintendo Account contain your eShop purchase history and current balance. By re-linking your Nintendo Account after initializing the console, it will be possible to redownload any software or DLC purchased using that account. (Software that has been discontinued may not be available for redownload)
This is a major change from the Wii, Wii U, and 3DS, which link game purchases and downloads to a specific console rather than to an online account. That’s a big problem if your console breaks down or if you want to access your games on another unit for any reason. While Nintendo support could help transfer system-specific game licenses in some of these cases, it looks like the “redownload on new hardware” problem will be largely fixed on the Switch.
Source: Footage of Nintendo Switch system menus leaks out to the wild [Updated] | Ars Technica