Here's a pic I've had on my hard drive for a few years now. Back in 2002 or so when this was found there was a lot of speculation around Assemblers and other boards that it might be a clone of the Playstation 1. However the system faded into clone obscurity thereafter. Now finally several years later I can indeed confirm this is a s(stylish looking) famiclone. The controller ports are a dead giveaway.
This console is in fact a famiclone VCD player. For those who don't know, Video CDs are still sold as a cheap alternative to DVD in southeast asia. Games come on a pressed disc with 300 different roms. It is unknown at this time if it is possible to burn your own rom discs and play it on this machine, but usually the roms have to be encoded in some kind of strange Chinese codec to work.
Thanks to Boogieboy for the info.