The box is... the box. The handheld thing is the controller; the one is a joystick with buttons, the other one has pitch and yaw sensors so you can play these newly-designed games that respond to them, that's why he was waving it around like that.
It's possible that demo was for people that enjoy gadget porn and in that respect, you are correct. I don't think the games are ready for demo yet, is the thing. But it might've made more sense to have actually hooked it up to a display...
It's Nintendo's new game system. You can tell because of the backdrop that says "Nintendo."
:)