So for those that don't watch the Nintendo Direct Feeds the Wii U version of the virtual console will release this spring. It'll be very similar to the 3ds virtual console and yes, you can play the games on the gamepad only.
It's the 30th anniversay of the famicom though, so they wanted to do something special. They are releasing select titles early. Until July Nintendo will be offering one title a month at the price of 30 cents. This month it's Ballon Fight, which is awesome because it's one of the few NES games I never really played as a kid. Future 30 cent deals include punchout, f-zero, super metroid and donkey kong.
I've already downloaded it because I was curious about the new service. The emulation seems much better this go around and they've even added a touch of blur to the games so they don't look like a pixelated mess. Also the games now play in the proper aspect ratio, unlike Wii VC games. You can also remap the controls for each game and have different control schemes for each controller. In addition, the games are linked to MiiVerse like regular games, so you can take snapshots and post comments. There is also a mysterious non-working button on the right hand side of the menu... I'm guessing this is for functionality that will be added later. Overall Nes emulation seems much better this go around.
I had to pay 2 cents tax though, which is dumb.