Official Specs:

CPU: IBM Gekko Processor (an extension of the IBM Power PC architecture)

System Clock: 400 MHz

System Memory: High-speed DRAM technology

Memory Bus Bandwidth: 3.2 GB/second Semiconductor Process 0.18 Micron Copper Technology

Graphics: Custom Chip designed by ArtX, Inc. of Palo Alto, CA

Clock Speed: 200MHz Semiconductor Processor 0.18 Micron embedded DRAM technology

Maximum Polygon Rate: N/A

Software Medium: Proprietary DVD Enhanced counterfeit protection

Maximum capacity: 4.7 GB

Upside: The dolphin is one of the most powerfull out of all the systems. Nintendo has finally gone to DVD instead of cartridges. Has lots of third party support. The price is also reasonable.

Downside: Nintendo made a mistake with the n64 by making it cartridges, which lost lot of support from some of the major companies. Unlike the playstaion 2 you won't be able to play the n64 games on this system.