I'm pretty sure at the heart of the machine, it is still a VGS, but maybe slightly modified to bring down cost.
It is still designed to play retro style games (8 to 32 bit style), but in their own cartridge format.
I actually think it is smart that they have kept a lot of info under wraps so far.
It is not likely they heard it from me, but during their first campaign I recommended they only released ideas and info when it was set in stone. One of the things that frustrated some followers was it seemed like details (such as price) changed too much as time went on.
So far, I believe they are approaching the right way the second go around.
February isn't too far away, so we should be getting more info soon.