It's still useful to have better tracking of a two handed controller...but you could use it as a one-handed point and shoot thing if you wanted. A one-hand overhand grip by the middle would be comfortable, keep the LED in view of the camera, and give you access to the touchpad and click in the middle. Having Move embedded will also allow the controller to serve as a standard, interactive, AR marker.
Will be interesting to see how they demo it initially, but those are a couple of ideas.
I think they will be keeping Move around though, either as a required prop for certain games, or as a more intuitive alternative to the regular pad.
edit - and yeah, the sound thing too could be interesting - knowing where the speaker on the controller is in 3D space, and relative to your head, could let them do some neat things.