some of this seems off. the lower than gamecube bandwith for the cpu is the first thing that makes me doubt this(edit: shogmaster proved this wrong). secondly, the claim that composite will be the only output is hard to imagine. if the wii doesn't have a component out, i seriously might not buy one. i don't care if it doesn't do 720p/1080i, but gamecube games looked like ass through composite on my 30" hdtv.
also, the claim that the wii gpu is the same as the gcn's but 'on the average 1.5 times faster' seems bogus... how the hell is it 'on the average'? either the clock speed is 1.5 times faster or it isn't. i also have a hard time believing there will be no pixel shader support whatsoever...
i really wish nintendo would just fess up at this point, but i guess they don't want to give their competitors ammunition. hopefully, once the machine is released, we'll get some true specs for the hardware.
edit:
on the other hand, if this is true, it could be a nice set-up. it'd have 3MB texture cache and framebuffer on the gpu and 24 MB of the mosys ram to hold additional graphical information (textures and models for the area you are in, but are not in current use). on top of that, you have another 64MB for holding all the other game information (AI, sound, etc). Even a gamecube with that expanded memory pool would produce some very nice visuals. I am hoping they've upgraded the gpu in one way or another--some dedicated pixelshader pipes would be nice, even if it's only 4 or 8.