WiiConnect is a tool to connect Wii users to eachother, without the hassle of Nintendo's "safe" crap. It will eventually be able to do many things (hopefully) listed below.
Feature List
Homebrew Browser integration, or a homebrew downloader made by me if integration doesn't work out
Chat (Hopefully many protocols eventually)
E-mail (POP3, IMAP, SMTP)
Public Profiles
News Reader (RSS feed reader, with a Wii News RSS feed)
Ability to poke other users on WiiConnect, no matter what feature they are using
And More!
Features it won't Have
Parental Controls
Internet Safety Options
Friend Codes