In the above video, Nintendo confirms many of the rumors that have been circulating about the console since the company first announced its plans for a new platform. The Switch is a home console and handheld system hybrid. When plugged into its docking port, the system will hook to your home TV like a standard console system. Unplugging it from the dock reveals a separate portable screen, which a pair of controller plugs, called Joy-Cons, can latch onto, effectively turning the system into what looks like a smaller version of the Wii U's GamePad, albeit seemingly without the GamePad's touchscreen functionality. If the screen has touch capability, the video doesn't show that.
The modularity of the system would appear to not end there. The trailer goes on to present scenarios where the two controller attachments could be used separate from the screen, allowing players to use a small stand to prop up the screen and play without holding it up. The two individual controller plugs can even be used as separate controllers in multiplayer, like diminutive Wii Remotes.
It's worth noting that these smaller controller attachments don't appear to be the only controller option available for the Switch. A controller similar in look to the Wii U's pro controller is also shown in the video, and it would appear to function with the system in both docked and portable scenarios.
Over the course of the video, multiple games are shown, including what appear to be new first-party Nintendo titles. Besides the initial showing of The Legend of Zelda: Breath of the Wild, a new 3D Mario game, a new Mario Kart, and a possible Splatoon sequel (or, possibly, a Switch update of the original Splatoon) all make appearances. You also see glimpses of what looks like the forthcoming Skyrim remaster, and a version of NBA 2K17 running on the platform.
Unsurprisingly, this trailer doesn't offer anything in the way of hardware specs or pricing, but the stinger at the end indicates that Nintendo's still set on releasing this thing in March of next year. If that holds, it would seem safe to assume that we'll hear more details about the system fairly soon. In the meantime, just do what I'm gonna do, and rewatch this video a few dozen times and appreciate how much fun all these smiling millennials seem to be having with the Nintendo Switch.
UPDATE: NVIDIA has confirmed the Switch is running on a custom version of the company's Tegra processor. You can read more about that here.