Official Nintendo Magazine are updating their Twitter with news from the conference. Let's see if anything interesting comes from this.
http://twitter.com/onm_uk
Can't figure out how to embed a widget linking to their feed here, so click the link!
At time of posting:

1. http://twitpic.com/2fjsh - Here's our photo of the new SD Card Channel Menu
2. Seems the System Update lets you play Virtual Console games straight off an SD card. FINALLY!
3. Nintendo's revenue has risen from $5 billion to $10 billion in the past seven years
4. 50 million Wiis sold worldwide
5. Iwata's on stage about to make his speech. In other news a Wii System Update has just been made available. A sign of somethng big?

I'm readin kotaku's feed, it's decent. Should I switch? I don't expect any announcements like rumoured since GDC isn't for that kind of thing. I like his speech on how development happens. Neat.

Miamoto - Random Employee kidnapping

I'm going to fucking kill Bill Trinen

Should have been that way from the beginning.

Edit: I've been informed that SDHC did not exist at launch. I stand corrected.

Oooh, Wario Ware: Snapped. That's a game I'd like to play. Too bad I will never get a DSi.

New DS Zelda game! I don't have a DS :(

"The real appeal is obviously driving a train in the Zelda universe, one with a mounted cannon on the locomotive"

The Legend of Zelda: Spirit Tracks

Virtual Console Arcade. No, not like XBLA. It's for Arcade games instead of SNES, Genesis, etc. It launches today with stuff like space harrier.

The Legend of Zelda: Spirit Tracks?

fail.

Wow, that Zelda Spirit Tracks game really fails so much. : O

It's over. Man, so much better than I expected. It's so good to be surprised instead of let down :P

I thought it was crap >_>

No big announcements, no Starfox, no Wave Race, no F-Zero, no real Zelda...

We now have two game pages for The Legend of Zelda: Spirit Tracks. :D

It sounded good to me, Kotaku said graphics and screen layout was like Phantom Hourglass, wiith top screen for dungeon layout etc, and bottom screen for proper view. Can't be shit, it's Zelda, even if not canon it's not to the level of Crossbow Training either.

The SD card thing is excellent news. Well done Nintendo for rolling that out.

Shame they didn't really say much else. I know people will reply to this saying "It's GDC, blah blah blah blah" -- but I was expecting some Punch-Out!! news at the very least. They didn't seem to talk much about games, merely reiterated what we already know.

Meh whatever, a missed opportunity in my opinion but I suppose they have an eye on E3. They won't want to repeat last year again.

"We now have two game pages for The Legend of Zelda: Spirit Tracks. :D"

"I thought it was crap >_>No big announcements, no Starfox, no Wave Race, no F-Zero, no real Zelda..."

Iwata: Tricking dumb people is lucrative. Very lucrative.

"LordAndrew said:

"We now have two game pages for The Legend of Zelda: Spirit Tracks. :D"

  Almost three, have one sitting in the submission queue. "

"edit: so apparently the second one was the one sitting in the mod queue... off renaming it. "

Luckily there is Hudson who announced a few new wiiware games some days ago.

I'm personally disappointed by the announcement of a new Zelda on the DS. I really didn't like Phantom Hourglass, so I'm not expecting good things from this one.

For those saying trains bleh, the footage showed link fight a boss in a conventional manner also it seems, so it's likely it's just a means of moving across the world, like the boat in wind waker, and not a radical change to the whole gameplay. Or it could be that and you simply get to get off the train for bosses. Too early to judge.