News: Straight from the horse's mouth.
Nintendo's next-generation console, currently code-named "Revolution", will arrive in 2006.
The new console will come with a silver stand but can be positioned vertically or horizontally. It offers backwards compatibility and plays all games from the current Nintendo GameCube lineup. Nintendo further announces, "The console also 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 new console will support SD memory as well. Other specifications:
"The system boasts 512 megabytes of internal flash memory, wireless controllers, two USB 2.0 ports and built-in Wi-Fi access. A worldwide network of Nintendo players can gather to compete in a comfortable, inviting environment. 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."
Additionally, Nintendo reports: "A number of Wi-Fi-enabled launch titles are in development that will employ Nintendo's newly announced wireless gaming service, Nintendo? Wi-Fi Connection. A worldwide network of Nintendo players can gather to compete in a comfortable, inviting environment."
Gaming Target will keep you updated.