The Wiz is the new portable handheld from GamePark Holdings (GPH). GPH is the Korean company that produced and marketed the GP2X line of portables, and they were started by individuals that quit the company named "Gamepark." Gamepark was responsible for the GP32 hand held videogame console.
The most popular use of the Gamepark Wiz is open-source creations (mainly games but also some apps). The development environment is available free of charge, and there is an great online community supporting this open-source scene at GP32x.com.
Emulation has always seemed to be the most popular application of the Gamepark line (GP32, GP2X, and Wiz). This varies from emulation of older gamesystems like the Game Gear or the TurboGrafx 16 to computer systems such as the Commodore 64. It also includes emulators simulating a broad range of systems like the Multiple Arcade Machine Emulator (or MAME).
The most exciting recent news is that the Giana's Return freeware game has been released as a public beta on the Gamepark Wiz. If you remember the Great Giana Sisters, then you'll want to check this out. I've heard of people buying a Wiz just for this game.
Of course, emulators like Mame4All continue to get updated and run more games faster. The GameBoy Advance emulator "gpSP" is running well, and of course older systems such as NES, Genesis, and SNES are all emulating smooth. Ported games such as Quake, Rise of the Triad, X-COM, and Quake 2 are rather exciting for the old-school PC gamers. I feel like the Wiz is just hitting its stride, so now is the time to pick yourself up a Gamepark Wiz!