Bushing wii legend and creater of the twilight hack http://hackmii.com/ says this about the vid:
This is a demo of the Wii Homebrew Channel beta. Credits too numerous to list here. Don’t mind the temporary test data; these apps are being loaded off an SD card. The channel also has built-in support for loading ELFs/DOLs via USBGecko and TCP/IP (shown at the end, when Linux is loaded).
IF YOU LOOK CLOSE WHATS THAT! A N64 EMULATOR IN THERE! OH BOYS!