This is the Retro Freak. It's promising to play game cartridges from the Famicom. SNES. Genesis. PC Engine. TurboGrafx-16. Game Boy. Game Boy Advance. Game Boy Colour. And even the Supergrafx. Holy shit.
It comes in two parts; there's the actual console, which is a small box that takes care of all the actual work, then there's a giant "adaptor" which is where you plug all the cartridges in (the console slides in under the adaptor). The console has various settings that let you change video (and conversion/upscale) options, as well as built-in cheat support. It also supports USB controllers, so you can plug just about anything in there.
Most interesting, though, is the fact it will let you install games from a cartridge onto the console (which looks like it will let you use a microSD card).
Currently announced only for Japan, if there is a Video Game God, it is time to pray to him/her/it, and ask for a Western release (or at least a semi-affordable import and some language FAQs).