I'm sure the French will like it..."Ah, wii wii!" or "Mais wii!"
Terrible name, but I can see the logic behind it:
1) Simple
2) Communicates the fact that it's a system designed around user interaction (looks like 2 people in the name, also the play on words with wii/we)
3) Different from the name of any other console ever made, like Wii is different from everything else out there
4) Translates across all languages, like they want their console to do
Still, all of this logic doesn't stop it from not sounding cool in the slightest.