The worst part about this video is that it's more or less indistinguishable from a real Wii rip-off product advertisment. Vii, Wii, Pii, they all sound kind of like something you might see peddled at that shady random electronics store wedged between girly fashion hangouts in your local mall. Who actually buys stuff from those guys, anyway?
At any rate, I'd guess the Pii is not real, considering there are people cracking up laughing in the background at the majority of this video. Of course, that could be because the presenter is mimicking Borat, because somehow people still think that is funny. You can have Pii for fifty American dollar! Har har!