(1) When wil it come out? Late 2005 or mid-2006? It will probably come out early 2006. (2) Are there any specs leaked out? IBM is making a CPU processor codenamed "Broadway" and ATI is currently making a graphics chip codenamed "Hollywood". (3) An impossible question for now. What games are announced? If there aren't any, what do you expect? I did read a while ago that Nintendo was planning quite a big launch, but no games were announced.
I'm also hoping for a new SSB, but a new Mario platformer would be cool too.