OK, here's the thing. The implementation that is being discussed means that the Revolution would HAVE to be a router, and not just an access point. You have to have something in the middle that will assign IP addresses, and most broadband modems will only grab ONE IP address from the host service. The router is how you get around that, the router takes that one IP, then creates an internal network with it's own IPs, which get "routed" out to the internet.
A wireless access point would only be a bridge, allowing wireless devices access to the wired part of the network. It's effectively a "dumb" device of sorts, simply translating one type of signal into another. Nothing about a wireless access point would allow a device to get onto the internet itself. There's also the problem that a wireless access point would have to be wired to the ethernet network. Connecting wirelessly to another access point or router would be completely redundant.
Here's where the holes really get punched in this particular interpretation, though. The DS will be online first ... so relying on the Revolution to bridge the wireless DS would critically hamper that functionality.
In other words, hooey.

Revolution isn't going to be anything that complicated, it'll connect to an existing wireless network just like the DS will, but it will be capable of ad-hoc mode to create wireless LANs as well. It's not going to be able to magically connect other devices and to your broadband connection, though.