Wii 2 is just a temporary name for the upcoming system to secede the wii. It could be called STREAM or something else. Nintendo confirmed that this product is in development though.

The Nickname to the project of this is called Project Café
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Release Date
The Wii 2 is set to be released in 2012, April or later. Nintendo has had a price range of around 350$-400$ in mind but this could definitely change later on.

The System's Power
The new Wii 2 is said to have an AMD graphics processor, and an IBM triple-core IBM PowerPC chip. If you do not know what this stuff is, than basically it is said that it will be more powerful than the XBOX and/or the PS3. A brand new feature of the Wii is that it will now support 1080P HD graphics. There is also a possibility it could have stereoscopic 3D.

Controller
Nintendo has been leaning towards a more traditional control as opposed to the handheld motion remote. The controller could possibly house a touch-screen monitor, and the feel of it could be compared to a gamecube controller.
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Backwards Compatible?
Of course it is going to be backwards compatible unlike the retards from sony. It will support old Wii games and also gamecube games, so it's gotta have Gamecube ports in it.
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The device will be played June 7, 2011 at E3 so tune in their for more details.