The Vii is a Chinese console designed to capitalize on the success of Nintendo's Wii. While at first glance the machine appears to be a blatant clone, it is in fact a completely new (if underpowered) game system. That being said, the only thing that has probably kept "Chitendo" out of court is the fact that this console is for sale only in China.
Console is slightly larger than a Wii, with a thicker breadth. The remote has the same type of motion control function as the Wii but without the pointing-type function. Specs are unknown at this time but look to be at a 32 bit level in the graphics department, however all of the games so far use two dimensional sprites (no polygons or 3D environments.)
Opinion: Having not actually played a Vii myself I'm unable to make an opinion of it's worth. While it's always good to have more strange consoles to collect, from the various gameplay videos floating around the intertubes so far nothing on the Vii justifies the $170 price tag, assuming you can find an outlet that would sell the console outside of China. The games are lookin' pretty sad actually, and appear to be of a "TV Game" level. Apparently however the console has sold well enough inside it's native land to birth a redesigned second edition, which so far appears to have only cosmetic changes.