It uses a Nintendo 1048 0H ARM soc on a chip. It has 2 arm11 cpu which is ARMs 6th generation of architecture. Arm11 was released in 2002. The Nintendo 1048 0H runs at 266mhz. To put this in comparison the first iphone was running a single Arm11 cpu at 412mhz

The GPU is Digital Media Professionals PICA200 with a fill rate of 800 Mpixel/s and 15.3 Mpolygon/s. This gpu is about 2 to 3 times faster than the original iphone which is using a competeing (but more mainstream gpu) via PowerVR MBX Lite.

There is 128mb ram on board but only 96 is accessible for developers

http://3dbrew.org/w/index.php?title=Hardware&oldid=789

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(note for the next section I am only going to be talking about the gpus, I am also only going to be talking about the polygon count and not the shader performance of the gpus, after a point polygons do not matter it is the shader performance that matters)

Todays Ipad2 is currently the fastest mobile gpu on a soc on the market today (and a not bad cpu) It has a SGX543MP2 (two gpu cores) capable of 67M polygons/s, fill rates in excess of 2Gpixels/sec @200 MHz. The future playstation vita is going to be based off the same technology but it is going to have the 4 core version called the SGX543MP4 (four cores) 134M polygons/s, fill rates in excess of 4Gpixels/sec @200 MHz

None of these can touch the Xbox 360 xenos which can do 500M polygons a second. The ps3 can do 250M polygons a second. Nobody every released specs on the wii hollywood gpu but it is believed to be the same as the flipper gpu in the GC but clocked 50%. The flipper gpu could do 20 million polygons, so the hollywood gpu should do about 30 million polygons.

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You do not buy a nintendo console due to the hardware, you buy a nintendo console due to 1st party titles. Hardware is not nintendos strong suit, they purposefully make the hardware as cheap as possible.