It's a parody. With edited porn imagery. Yesterday, this faux commercial appeared on Japanese video site NicoNico Douga, and since then, the clip has been spreading around Japanese cyberspace.
This Wii U parody plays on the "game/gayme" pun and uses some footage from Japanese gay porn A Midsummer Night's Lewd Dream ("Manatsu no Yoru no Inmu" or 真夏の夜の淫夢), a flick that seems to have meme status in Japan.
In the above spoof, the Wii U comes in two editions: The Wii U Totally Vanilla Set, which is priced at ¥50,000 (US$607) for thirty minutes, and Wii U True To Life Set, which is priced at ¥114,514 ($1,390) for thirty minutes. Expensive!
Online in Japan, there's a history of recutting gay porn into video game commercials (this Bayonetta send up, for example) as well as gay manga reaching iconic status.
Wii U 問題のCM [NicoNico Douga]