The console will be about the size of three DVD cases, 2-3 times as powerful as the GameCube, backwards compatible with GameCube games, feature free wifi online gaming, and that's not even the best part. Every game ever produced by Nintendo will be available to download and play on the system. That includes NES, SNES, N64, GB, GBA, and GC.
You know they have every fan of Nintendo sold on the new system if they can legally own and play any game ever produced for Nintendo. I'm hoping the online play will extend to the older console's multiplayer games. Technically speaking, it should be easy to just send the controller movements.
As for new games for the NR, they didn't say much but did say over 25 (or 35?) top-name game creators are already working with them on producing games for the new console, especially wifi-enabled games. Another tidbit they gave away is that Super Smash Brothers will be on the new console with WiFi multiplayer support.
Nintendo just gave the word "backwards compatible" some real meaning.
I never have been a fan of XBox, and PS has been iffy to me. Nintendo has always been my gaming fix if I can't get it on the computer. :-)
View a full article about their E3 press release at GameSpot.