What is the origin or meaning of the name 'Wii'-?

According to Nintendo: "Wii sounds like 'we', which emphasizes that the console is for everyone. Wii can easily be remembered by people around the world, no matter what language they speak. No confusion. No need to abbreviate. Just Wii."

In addition, the two ii's are supposed to represent people/players standing side by side or the remote and nanchuk. Originally a Wii was called "Revolution."