Well well well, after trolling around all the possible blogs, imageboards, and forums out there, i've decided to participate in this Revolution fiasco.
My primary source of rumours and theories come from here:
http://www.brokensaints.com/blog/?p=48It's a blog of Revolution discussions mostly centred on the enigmatic "Aries". He claims to know the low-downs of the Rev and drops hints on what's to come.
First, the most interesting, and most POSSIBLE hypothesis worth mentioning is the new Rev's storage medium. Remember how Nintendo's comments were recalled about being able to play "DVDs" and switched to "12 cm discs"? Interestingly enough, here's a link to a successor to HD-DVD AND BluRay media:
http://informationweek.storagepipeline.com/trends/trends_archive/60403851It is called the "Holographic Verstile Disc" capable of storing a ridiculous amount of data (up to 1 Terrabyte or more.) It makes BluRay medium look like old technology. Makes you wonder why they changed the phrasing of their comments, eh?
Current disc readers have motors that spin the disc at high speeds and lenses that read them. HVD, on the other hand, uses the opposite and makes the the lens rotate around the disc for optimum read time.
Now think abou the console's name, "Revolution." This has a few meanings, but here are the key ones: 1) A sudden or momentous change in a situation (a la French Revolution); 2) A turning or rotational motion about an axis. Everyone is expecting the former, but how about the latter? Does it sound like something i just mentioned above?

From the blog above, posters hypothesized that this coincides with Nintendo's recent patents of "Holographic". Of course when you think holographic, you think of a 3d projection and not any way shape or form, a 2-dimensional disc.
Nevertheless, this hypothesis has the greatest chance of holding true because of the patent, the recalled statement of "DVDs" AND the name of the console, "Revolution."
Any thoughts, comments, or hypotheses are welcome.