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The official announcement, straight from our friends at Nintendo, Canada:

VANCOUVER, BC, January 21, 2004 - An unprecedented approach to video game play - holding two separate game screens in the palm of your hand - hits the scene later this year when Nintendo introduces a new portable game system, code-named Nintendo DS. From information made available today, players can look forward to being able to manage their game progress from two different perspectives, enhancing both the speed and strategy of the challenge. For example in a soccer game, users can view the whole game on one screen while simultaneously focusing on an individual soccer player's tackle or goal on the other screen. Players will no longer be forced to interrupt game play to shift perspective, such as moving from a wide shot to a close up, or alternating between a character's ongoing battle and a map of the environment. Nintendo DS makes it possible to perform the tasks in real time by simply glancing from one screen to the other. Today's announcement is but a glimpse of the additional features and benefits that will be shown in full at the Electronic Entertainment Expo (E3) in Los Angeles in May. Once fully revealed, players will see innovative advances in game interaction.

"We have developed Nintendo DS based upon a completely different concept from existing game devices in order to provide players with a unique entertainment experience for the 21st century," explains Satoru Iwata, Nintendo president. Nintendo DS features two separate 3-inch TFT LCD display panels, separate processors, and semiconductor memory of up to 1 Gigabit. It's scheduled to launch worldwide before the end of 2004.

In addition to Nintendo-developed software, the company is in discussions with third-party game developers around the world. Nintendo DS will be marketed separately from the company's existing Nintendo Game Boy Advance portable system and Nintendo GameCube home console.