Well, I kinda did a "test" to see what reactions a person who isn't really a gamer would have.
First subject: my wife. She's a casual gamer, loves her DS and Animal Crossing. I told her the new name. She gave me a funny look and said "that's gay." I then explained to her the meaning of "Wii" and her mind didn't change.
Next subject: my sister-in-law. Hasn't really been "into" games since the N64 and The New Tetris. She's practically "non gamer" who rarely picks up the 360 controller to play PGR3. Her response, and I quote (as in I'm not just making this up), "that is so gay."
Even though I get the concept, I still don't like it. Alone without explaination it says *nothing* about the system. Not even the video really says anything because the concept of multiplayer...is a *given*. Nintendo has been strongly promoting multiplayer since putting four controller ports on the N64. Xbox Live has pretty much made the online concept of console multiplayer gaming mainstream. Even non-gamers who sit at their computer playing Bejeweled or something probably have a good idea that their scores are compared with other people online. So the emphasis on "we" is practically a backtrack, as if Nintendo thinks they are revolutionizing multiplayer. They're not.
They could have just called the system the REV. It could be an acronym (how Sony would "Revolutionary Entertainment Vehicle" sound?). It could represent a strong ad campaign ("REV...olutionary....REV...it up......REV...olt against the ordinary.....REV...ise everything you know about video games.....The Nintendo REV). Easy to say, even in Japanese. And it's doesn't require a paragraph to explain what the hell it means.
If I had the balls, I'd LOVE to go to a store and do a "man on the street" type interview with people. I'd love to see their reactions to the name-people that Nintendo is targeting with the Wii.