It's region-locked
Update 2012-09-13
Wii U is 3 Wiis taped together: http://www.vgleaks.com/world-exclusive- ... nal-specs/
Japanese pricing:

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http://www.digitalspy.co.uk/gaming/news ... ducer.html
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http://andriasang.com/con1pi/nintendo_s ... r_meeting/
According to Iwata, Wii U will have free online gaming. Very good decission.
Nintendo also stated that they won't do anything stupid like locking physical games to consoles to prevent the selling of used games.
Now if they would only get rid of the region lock...
EDIT: Search for WiiU to find this topic.
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http://www.amazon.de/dp/B004ZKI7EM
(399.99 EUR / Dec 21)
For the sake of Nintendo I hope that this isn't the final price.
EDIT: Seems to be only a placeholder and not an indication of the real price/date. Crisis averted. For now.