A big thanks to Cheesemeister, over at Neogaf, for the run down.

16:00 The presentation has begun! Iwata is behind a podium. This will be 20 min. Launch details. First, going over hardware details again.
16:02 Wii U supports full HD 1080p, uses a “GPGPU.” Main mem: 1 GB. System: 1 GB. Total: 2GB.
16:03 Games use only 1 GB of main memory. System memory is for OS. Game discs 25 GB, 22.5 MB/s.
16:03 The Wii U consumes up to 75 watts of electricity. Typical power usage is 45 watts. Wii accessories can be used, as can Wii games.
16:04 You can import your Virtual Console and Wii Ware games from the Wii.
16:05 Reiterating the controller specifications now. Headphone jack is still on top. Why there?
16:07 You can play games, watch video on the Wii U GamePad. It features smooth, low latency.
16:08 In other words: you won’t feel any lag on the controller’s screen. Wii has sold 96m units LTD.
16:09 Over 80% of Wii systems are in living rooms, causing conflicts over TV usage.
16:10 You can do multiplayer using a GamePad and several Wii remotes. Dual-screen play possible.
16:11 On controller screen: menus, maps, communication interface. Play without the TV possible. Miiverse is the system-level social network interface. You aren’t the only one playing.
16:12 Miiverse is the system-level social network interface. You aren’t the only one playing. Wii U software will be showcased at 11 pm Japan Time tonight. Now: NSMBU and NintendoLand.
16:13 NSMBU is the 1st Mario game to launch with a Nintendo system since N64. NSMBU is the 1st Mario game to launch with a Nintendo system since N64.
16:14 NSMBU and NintendoLand to go on sale in both physical and download versions on launch day, for 5985 and 4935 yen, respectively. The Pro Controller will be 5040 yen in white and black. Chargeable with USB cable. Black vertical stand for 315 yen, GamePad charger and play stand set to be available for 1890 yen. 13,440 yen for Wii U GamePad when sold separately. Prices include tax.
16:17 Black 32GB Premium Set, White 8GB Basic Set. All sets include system, Game Pad, system and Game Pad AC adapters, and HDMI cable. Nintendo Network Premium provides points for purchases by Premium Set customers, 10% points back on digital purchases depending on the title, to be applied toward future purchases. Runs through 12/2014.
16:18 Nintendo Network Premium runs through 12/2014. Premium includes controller stands. Wii accessories to NOT be included with the Wii U. Remote + nunchuk + sensor bar set sold separately, 5250 yen.
16:19 The Wii U will be launching in Japan on Saturday, December 8th. 32GB Premium Set with Nintendo Network Premium: 31,500 yen (30,000 yen before tax). 8GB Basic Set: 26,250 yen (25,000 yen before tax). You can view a summary of differences between sets here.
16:20 The presentation is over. See you again in a few hours!