Dazwa linked me to this...
http://www.andriasang.com/blog/2011/06/09/iwata_asks_smash_bros/
Here's what we know:
The game will have Sakurai at the helm. The game seems to be porting over the general basics of Brawl. No GCN controller port. They want to try and develop some sort of 'experience' based system, and it will also have some sort of character customization. Sakurai does, however, appear to want to relatively appease more hardcore gamers (in relation to his utter dismissal of them for Brawl), and wants to recruit people familiar with the technical aspects of previous Smash games. (Please, for the love of God, Sakurai, give M2K a job already!)
Needless to say, I'm holding my breath before saying anything, as we know approximately NOTHING at this point.
On another note:
Leisha, there is still an actual system with the WiiU. They just haven't outright unveiled it yet. Since there were games demoed that show Wiimotes being used in conjunction with the WiiU Controller, I'm assuming that though there is no GCN controller backwards capability, there is Wii backwards capability.
Also, to be honest, the WiiU controller looks more conventional than a Wiimote. It looks like it'll hurt your hands after 20 minutes and you'll likely need to be a body builder to keep it up with any consistency, but really it looks almost like an XBOX Original Controller to me. Or a Dreamcast Controller. That works too.
That's not to say I'm not disappointed. Nintendo's smartest move at this point would have been for Cafe to be a balls-to-the-wall gaming behemoth. While Sony and Microsoft are busy trying to innovate on Nintendo's outside-the-box zeitgeist, Nintendo brings it right back to the box and creates a system with a regular controller that outshines anything their competitors could do.