It is definitely Wii, and they (Joystiq at least, likely Kotaku) do already have the info. From Joystiq's comments section, written by Summa himself:
Quote
My embargo has to do with details on a next-gen system. I really can’t get into specifics, because I can’t break that embargo.
I really don’t know who else has gotten the news. I would assume major outlets did also. But, I did get an interview with a major party involved, so there’s a chance I could have content that someone else might not.
Now that we’re just 4 hours away, I’ll tell you this: It has to do with the Wii. More than that, I really can’t say.
There you have it. They have it, and are waiting until midnight.
And it's not going to be Super Paper Mario. Joystiq and co. are less strict with embargos than the major sites (as Rick said) and Matt at IGN already confirmed SPM's move, so there's no embargo there.
Rick, it does qualify as journalism. Not the strict pure-facts news reporting denotation, but certainly a couple other. Check a dictionary. Entertainment Journalism is the term I'd use, personally.