You heard right, Nintendo plans to release the 3DS in Japan on the 26th of February. For us in the US and Europe we have to wait till March but it should be worth it. The 3DS will cost approximately $298 USD. The 2 launch colors will be aqua blue and cosmo black with more colors presumably coming soon thereafter.
The 3DS seems to have jumped onto the front facing camera bandwagon which allows you to take your own picture and convert the image into a Mii. The Mii is Nintendo’s own avatar system similar to the one available on the Xbox 360. There is also a small easter egg available, a special edition Super Mario DSi LL will be released in Japan on October 28th. Also be on the lookout for a Wii Remote Plus which is in development and set to be announced sometime in the future.