In the earlier news item The Wii U: Games, I gave links to several videos, including one Nintendo has on its website of third party games coming to, what I call, the Wu. Nintendo of America President Reggie Fils-Aime stated in a Gametrailers video interview (around the 4:35 mark) that the video of the third party titles does NOT feature videos rendered on the Wu, but on its competitors, the Xbox 360 and PS3. To explain this decision, President Fils-Aime quickly points out that the console is a year away from launch. When asked whether the games will look that good on the Wu, his response is that the graphics quality will be dependent on the developer and that the system will be 1080p. Though no explicit answer was given as to if the Wu will feature graphics at or beyond the current level achieved by the Xbox 360 and PS3, he does state that the new system does utilize the latest technology. He also confirms that a tech demo of the visual capability of the Wu was rendered by an early version of the hardware. Here is a link to that video titled Nature Graphics Demo, by Gametrailers, and I would like to note that there appears to be extra comprehension on it by Gametrailers from when they uploaded it to their site, hence the "Stream" label in their title.
President Fils-Aime also stated that the touchscreen on the Wu controller is single touch, not multitouch, for those of you that wanted to know.