Here are the specs :

Works with all Wii's - all regions, PAL and NTSC!
480p/720p/1080i/1080p HDMI output
HDMI, optical and analog audio output
On Screen Display for configuration
User updatable flash
High quality AD conversion and HDMI chipset
No HDCP or SCMS protection - capture or record game play in high definition!
Connects directly to your Wii
No external PSU needed

Picture here

Is it really possible ? I mean, does it work as well as the Dolphin on PC ?

You can preorder on hdmikey.com but I still don't know the price.

It is probably just a scaler ...

I've seen upscalers before, but not HDMI. From my expirences of playing the Wii on a HD, I'm not sure you would like all the way up to 1080P though. It reminds me of one of those capture cards that people use to record gameplay on the 360 and PS3.

My Wii is hooked up to a SD TV the way it was meant to be

Hey it would be awesome if it actually worked well.

Wii games don't look half bad when using Dolphin emulator at 1080p.

This thing however will dissapoint many who buy it.

Whether or not it was meant to be that way, Wii looks great on our hdtv.