What I thought it would be: A handheld with TV out via a dock (Wii U in reverse-- processing power in the controller not the thing that plugs into the TV).
What it sounds like it will be: A "mobile" (Android?) tablet that can play console-style games when docked (processing power in the thing that plugs into the TV, again).
If this is true, it's basically Wii U 2, except the gamepad can run Android games-- and all of my enthusiasm is lost.
On the other hand, maybe it's like the Dreamcast's VMU? I actually dug playing little mini games, like the ones that came with Sega GT, or Sonic Adventure.
As before, I guess the devil is in the details-- I wish they'd just unveil the thing already.