This clip was uploaded by YouTube user privateconnex and is entitled ´Nintendo Project Cafe leak "private developer conference"´. The clip itself, however, starts with a slate reading "Private Presentation of 'Project Cafe' by a Video Games Editor". Now, this is the most compelling reason to believe this is a complete fabrication: no videogames editor in the world would be giving a presentation of gaming hardware that is yet to be made public. I even believe that no videogames editor in the world has even seen the console. But even if so, it is hard to believe that Nintendo would trust media outside of Japan. The young woman seen in the clip is clearly not Japanese.
Another aspect is the location. The clip appears to be filmed inside a lecture theatre, commonly found in universities. These are practical, but no-frills places for any presentation. A company like Nintendo would on no account book a venue like this. Next up, the slides are reminiscent of previous fakes. I wrote about those images: "Any kind of presentation would use renders rather than simple outlines. Such basic images are only ever used in patent documents. This is surely a fake." If used in any kind of presentation to the outside world, it is even more important to keep up appearances.
Lastly, the person following the presentation appears to resemble Nintendo of America president Reggie Fils-Aime. This might, at the surface, appear to validate the video as real. On second thought, it does the very opposite, though. If this presentation really did take place and someone in the audience would want to break the NDA they undoubtedly had to sign prior to entering and hence risk their job, how much more foolhardy would it be to film the event sitting right behind Reggie? This is just plain stupid.
Various points I made earlier with regard to the hardware are also applicable here. It might strike us as odd that previous fakes have all shown the same hardware design, both console and controller. But either they originate from the same person or subsequent fakers realised that their work would become more credible if they picked up on it. You can rest assured that all images and videos purporting to show the Wii successor so far are fake.
What we can do, legitimately, is speculate on the basis of facts. There is very little, but here is a little more. This is an invitation by Nintendo of Europe for a media reception at E3. Notice the design.
Note that the imagery used is a combination of the squares with beveled edges we know from the DS family with the blue circles that have appeared in connection with the Wii. Combining them is what appears to be a stream or a wave. This may suggest that the next console will bring home consoles and portables closer together. It also may corroborate that the console will be called Stream, as previous rumours suggested.