I doubt that it even has the same functions as an authentic Wii. Think about it, the real thing has a lot of hard to reproduce features in a tiny little box such as:
SD card reader
Disk drive
A unique processor and ATI graphics card
Power input
A/V output
USB ports x2
x2 GameCube memory card slots
x4 GameCube controller ports
Some sort of Wi-Fi antenna, and Bluetooth support
Sensor bar power out
System fan
Motherboard
Then the ever complicated controller has the following:
Speaker
Several Buttons
Some sort of camera at the top to pick up the sensor bar's light emissions
Add-on input on the bottom
Motion sensing technology
Bluetooth
It would be extremely difficult to copy all of this incredible hardware, and turn a profit without mass sales + mass production. I just don't think this thing could really play Wii software. Plus, what happens when one goes to update their system when they want to play a new game?