Website Gamasutra has a rather lengthy report on the matter and after a first quick look it appears that, after all, Microsoft, Nintendo and Sony have no reasons to worry… yet! Because the Zeebo will initially be released in Brazil only by Tectoy, a company that used to work in the past with Sega (so there might be some connections here, Dreamcast fans!)
The new console will be one based only on downloadable games (via a 3G wireless network) and the manufacturing company already has some high profile names to start with: games like FIFA, Quake and Tekken will be available for Zeebo. However, most of the games will be developed by independent companies, which is clearly an advantage: it could mean that the Zeebo will have both exclusive content (since indie developers are generally and unfortunately ignored by the big publishers) and some very innovative products.
However, it remains to see if the public is ready to invest in yet another gaming console, especially now in these tough economic times. One thing is clear though: some extra competition is always welcomed!