What on Earth is Tomodachi Life?

I've watched this video twice, and I'm still not sure. Tomodachi Life looks to be somewhere between The Sims and a Tamagatchi, where you make Miis of your friends and set them loose on an island to live out drama-filled lives. I don't know about you, but my body is kind of ready (but not as ready as Reggie's). Tomodachi Life drops June 6th.