Nintendo of Europe has applied for a trademark that pretty much confirms a intention to bring the Photo Printing channel over.
The European trademark database lists Nintendo's venture as "Photo Print Service Channel", and it really couldn't be anything 'cept what it says on the tin. It'll likely be a similar feature to what Japanese players have been using to whip up business cards, calendars and Nintendo themed photosets coupled with Miis for inspiration. These would be sent to a provider to be whipped up and sent to your door.
Thanks to Joystiq.
Would you be interested/consider using the photo service if it headed to the West?