http://cubemovies.ign.com/cube/video...1605_qtlow.mov for a gameplay/demo video.
This thing looks really, really cool. I dig it a lot.
If you want the same thing with the same games and more horsepower, go buy your Xbox 360 or PS3. I've never been a Nintendo fan (well, I guess I really liked Goldeneye and Perfect Dark for the N64), but this looks really promising for the future of gaming. Who cares about horsepower? It's all about the code. Look at Resident Evil 4. It's on the GC, supposedly weak in comparison to the mighty Xbox, but it beats the heck out of anything on the Xbox, graphically.
I think Nintendo is taking a good aim with this product. They've said that it will be 3-4 times as powerful as the Gamecube, which isn't anywhere the horsepower level of the XB360 or PS3 (which are what, 10? 20? times more powerful than their predecessors). Nintendo will release the less-advanced hardware at a lower pricepoint, they'll continue to develop better games than any of the other consoles, and with the immersive gameplay options afforded by the new controller, they will continue to develop new game concepts.
I didn't have an interest in any of the next-gen consoles previous to this, as the "other" two have done absolutely nothing in terms of enabling/forcing developers to create better games, just "Madden disease" where it's a new iteration with new graphics and nothing else changed. I'm middlingly interested in the Revolution after it. I will reserve final judgement for final hardware, and more importantly, final software.