I read about Nintendo's ability effectively brick them remotely yesterday and decided to cancel my order. I have had every Nintendo console since the NES, for better or worse, but I am definitely skipping this one.
Both "canceled" and "cancelled" are correct spellings, but they are used in different regions. "Canceled" is the preferred spelling in American English, while "cancelled" is preferred in British English.
For whatever reason, even though I'm American, canceled just looks wrong to me.