Now that I've seen a working demo of the thing, I can, with at least some certainty, state that it's not doing it for me. Besides taking the control out of the equation, how does what they were playing differ at all from a Wii Sports or Wii Play micro-game? For that matter, how is this any more significant than what the Eye Toy was doing last generation?
I don't think that this peripheral is going to cause developers to sit down and brainstorm what it can do for the "hardcore" (for lack of a better term) gamer who's looking for the next new development in FPS games, or for that new, gritty third-person action game. I can see this as being something of an adjunct to their low-cost offerings for people buying it as a family entertainment unit (not unlike why they still sell the "Arcade" version of the 360). If there are any really well-thought-out games that rely solely on this thing's functionality, they will likely be few and far between, and probably will not reach as many people as initially thought (ie: most of the Wii's first-party titles).
I'm seeing more glitz and hype, but I'm not seeing anything that hasn't been done, yet. What I am seeing is an attempt to get in on the market that, for all intents and purposes, Nintendo has a choke-hold on. Don't take that as blind fanboyism (because I don't consider competition bad; competition, quite often, ends up being great for the consumer), just as an observation.