HC the machine is going to be completely backwards compatible with the present gamecube aswell, including allowing use of Gamecube controllers (only way I can see them being able to do snes/n64 games really) Which means I can update without having to rid myself of my current back catalogue of games, and that I can give my present gamecube to my nephews to keep them preoccupied.
Ive got around 20 games for the system, 10 of which Id hail as classics, and 6 or so as very good, the others are a bit meh, but I did get 3 of them with the system, and those 3 are generic EA titles anyway like medal of honor.
My favourite game I own is probably Mario Party 6, as its great to have a few friends around, Donkey Konga is legendary also.
Im on a wait and see thing with the 360, Perhaps when the geeks crack it, and make it as useful as the old xbox(when chipped) then Id consider it.