Nintendo’s Wii U press conference going on here. Details released:

• Game discs can store up to 25GB
• Wii U supports 1080p
• Wii games are compatible, WiiWare purchases can be transferred
• ‘Nintendo Network Premium’ introduces points and discounts on digital purchases
• “Basic” Package to retail for ¥26,250 ($340); includes white Wii U with 8 GB flash memory
• “Premium” Package to retail for ¥31,500 ($405); includes black Wii U with 32 GB flash memory
• Releases December 8th, 2012
• No sensor bar included
• UPD: Wii U to hit US stores November 18, 2012, Europe gets it November 30, 2012
• UPD: US prices – Basic is $299.99, Premium is $349.99