The European-exclusive revised Wii is similar to the old model in most respects. In fact, it's even the same size. Although Nintendo announced it had been "reconfigured," its dimensions are staying at the (already fairly small) case size the Wii has always been. If, for some reason, you're having trouble fitting a Wii in your shelves, this isn't the solution.
The word on size comes from the Official Nintendo Magazine. The bundle removes the stand that allows the system to stand vertically, but the much larger feature removal is GameCube support. The redesigned Wii removes backwards compatibility for Nintendo's previous generation system, and loses support for Gamecube accessories as well. Given the omission, one would think the new console would, at the very least, be a bit smaller.
As previously reported, this bundle is only set for Europe with no current plans to bring it to market in North America. If you are a European reader with a hankering for Wii Party and Wii Sports, the bundle is set to launch this October.