Finally, Nintendo has given a price and release date for the Wii:

The Big N is set to officially announce that the system will hit retail in North and South America for $250 on November 19.

From IGN Wii

It's not as soon or as cheap as many fantasised.   I also haven't seen a Australian pricing yet.  I'm guessing it would be about $320 and no doubt places like Big W will have it for under $300 like they did with the Gamecube.

I am also yet to read confirmation that this release date applies to the world.  But with Nintendo forecasting 4 millions units shipped before the end of the year, I suspect it does.  Sony can take it's half-million consoles for NTSC countries and stick them where they fit.

They also said virtual console games will be priced between US$5 and US$10.  If they offer it for $5 to $10 in Australian currency I'll be pretty happy.

UPDATE: Poor.  Nintendo Australia has announced the Wii will be released not on the 19th of November, but the 7th of December in Australia.  They refered to the date as a part of a 'global launch period'.  At least it's a mere fraction of the wait we will have for the PS3.  But my biggest issue is the price – $399.  I think this price puts it out of the range for the Wii's target audiance – people who don't play games.  I'll be hunting for a bargain when I buy it.  With my finances, I'll possibly have to delay buying it.