Satoru Iwata's face is beaming around the world thanks to UStream and he is sharing important information about the Wii U console with us.

Mr. Iwata has confirmed that the upcoming console will have a Wii mode that allows you to play the previous console's games, as well as being able to play Virtual Console and WiiWare titles you have purchased.

The Nintendo preseident also confirmed some of the system's specifications, which have been the source of much speculation in the past.

Wii U will feature the following specs:

Main memory: 1GB
System memory: 1GB
Screen resolution:l 1080P
Discs size: 25GB
Disc speed: 22.5 MB/s
Power: 75W maximum, 40W average

The Wii U GamePad and its many features were also discussed, with Satoru Iwata stressing that Nintendo has worked hard to ensure there is no latency while playing.

Gamers will be happy to hear that you can use the built-in Internet browser to browse while playing games.

Nintendo is hoping you "play together with Wii U, play alone with Wii U".  Are you planning to?