The games will be backward compatible, and you can download THE WHOLE library of Nintendo games over the last 2 decades. The speaker at E3, also mentioned a new game creation from Miyamoto-san, and also mentioned and an online WiFi Super Smash Brothers. An addition to the Revolution will be available in order to play DVD content etc. IBM and ATi are continuing to develope for Nintendo as well, and will have many wireless features including internet, and controllers. The console previewed at the conference is a PROTOTYPE and the final will be the size of 3 DVD cases stacked on top of each other.
As for the gamecube, Killer 7 is still in progress for GameCube as well, and Fire Emblem is looking sick, with full voice casting, and not all text. Geist, Spartan:Total Warrior, Dance Dance Revolution: Mario Mix, Harvest Moon: A Wonderful Life, are some of the games coming out in the near future.
Saving the best for last, Zelda was shown at the end. The words "****ING HELL" sprung to mind when i saw this new clip. DS Owners were given a video demo of Twilight Princess which runs on the DS.