EDIT: It has since come to our attention that the IGN 3DS launch hub, which was our source for this article, was factually incorrect. The Virtual Console will not be available on day one, but will instead be available as a download post launch - most likely around May. We apologise for any inconvenience this may have caused readers, but we had no reason to doubt IGN's credibility.
Original Story: Although it's previously been the subject of some speculation, with even Nintendo themselves sending out conflicting messages on whether the Virtual Console will be available on day one, or as part of a software update in May, Nintendo have now come clean, as part of their official launch hub over at IGN, with the good news - the Virtual Console will be available from day one.
Much in the same way as the Wii, the Virtual Console will let you download old games to your 3DS - but whereas the Wii lets you download games from a variety of home console, the 3DS Virtual Console will stock Game Boy, and Game Boy Colour games - although there's certainly potential for it to expand in the future.
Far more than just a virtual shop front, the revamped Virtual Console comes sporting several new features. The first, and possibly most significant, is that Nintendo are doing away with Nintendo Points, meaning that no longer will you have to do an awkward calculation in your head to work out exactly how much you're spending. Now, you'll be paying in pounds, which we've heard can be added in a variety of ways - either by credit card, or by inputting a code off a pre-paid card, for those without credit cards.
Similarly, the 3DS Virtual Console comes sporting a swish new interface, that tells you everything you could want to know about a game. You'll be able to view user ratings, scroll through screenshots, watch a trailer, and even download a demo of a game before buying, helping you find a game you'll love.
While there's no word yet on what's going to be available on day one, the sensible money is on The Legend of Zelda: Link's Awakening, and Super Mario Land being at two of the games available from day one. And while we'd like to claim we're just the next generation of Mystic Meg, our confidence actually comes from the fact that these are the only two Virtual Console games Nintendo have shown.
In fact, we got to go hands-on with the Virtual Console at Nintendo's recent 3DS event in Amsterdam. To find out what we thought of playing an almost twenty year old game on a brand new system, head over to our hands-on preview, here. Here's a slight hint - we love it.