Basic Set ($299.99): Wii U console, Gamepad, AC adapter, HDMI cable, and sensor bar, 8 GB, white
Deluxe Set ($349.99): 32 GB, black, everything with the basic set plus: GamePad Charging Cradle, Stands, "Nintendo Land", and Deluxe Digital Promotion (earning points from purchasing digital games / content to be used in the estore).
Wii U is backwards compatible with almost all Wii games and hardware.
In addition, there's also Nintendo TVii (yes, they're actually calling it that), which seems to be a combination DVR / streaming service (I say service, but it's actually free!) that also integrates with Netflix, Hulu Plus, and Amazon.
The exact launch titles have not been determined yet, but here is a list of titles that will be released by March of 2013.
Personally, I think that the library is very disappointing. I was not impressed with the games I saw in their presentation this morning. However, the other features plus the backwards compatability I think will keep me busy until the library expands more, so I'll probably purchase it (plus the wife wants it). And of course, I don't see why anyone would go with the Basic Set when the Deluxe set is only $50 more for so much more value.