By "imminent," Nintendo of America really meant it. Virtual Console is now available on Wii U, provided you've updated your console to version 3.0.
The initial batch of games covers NES and SNES classics, including Balloon Fight, Donkey Kong Jr, Excitebike, Ice Climber, Kirby's Adventure, Punch-Out!!, F-Zero, and Super Mario World. NES games start at $4.99, while SNES games start at $7.99.
Wii U versions of Virtual Console games will support off-TV play on the Wii U GamePad, Miiverse support, and the ability to create instant save states. "People who have already downloaded these games to their Wii System can transfer them to their Wii U consoles and play them in Wii Mode at no charge," Nintendo explains. However, "to upgrade and take advantage of the improved Wii U features, they can purchase them at the special discount price of just $1 for NES games and $1.50 for Super NES games."
Here's a video with techno music to make you excited about playing old games on your new machine:
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