After paying up, we ran home and set up the Wii and it is ridiculously fun.
Forget the days of sitting quietly on the sofa to play a game - we ended up moving things out of the way and playing Tennis (one of the games in Wii Sports, which ships with the console) in the living room all afternoon.
The wireless controller acts as a sort of magic wand - when it is your tennis raquet you completely forget how silly you look in the middle of the room, swinging wilding, trying for the match point with your fancy backhand.
It's super tiny, and the design is really nice and very intuitive. Setup was easy (it connected right to our wireless so we can download games from the internet directly) and it is backwards compatible to all Game Cube games.
Oh, and so far, the new Zelda is really good....
Nintendo Wii, available where you can find it for now (plenty are on the way, though, 2 million will ship worldwide by the end of the year), is $249.