What Mr Iwata means by 'virtual console' concept is the downloadable content offered by Nintendo. Revolution will have downloadable access to 20 years of fan-favorite titles originally released for Nintendo 64, the Super Nintendo Entertainment System (SNES) and even the Nintendo Entertainment System (NES). The console is also backwards compatible with existing GameCube games.
The unit will be a compact design -- roughly the size of three standard DVD cases stacked together. The system will be equiped with a stand to allow both horizontal and vertical installation.
Hardware-wise the system pales in comparison with the Xbox 360 and PlayStation 3 announced earlier. The system has 512 megabytes of internal flash memory, wireless controllers, an SD slot for expanding the internal memory, two USB 2.0 ports and built-in Wi-Fi access. Revolution’s technological heart, a processing chip developed with IBM and code-named "Broadway," and a graphics chip set from ATI code-named "Hollywood," will deliver game experiences not previously possible.
Nintendo also presented the Game Boy Micro handheld device, which is a more stylish version of the Game Boy Advance. The device is 4 inches (10cm) wide, 2 inches (5cm) tall and 0.7 inches (1.7cm) deep. Weighing about the same as a light mobile phone, 2.8 ounces (79 grams) the Game Boy Micro can be easily carried around even in the pocket of your pants.
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Source:
Nintendo press-release