I got my Wii today and the game I played the most so far was... Red Steel.
It's weird. The game is flawed. And yet I like it. I think the settings and environments are great and linear. Graphically, it does look nice in some parts and clearly was restricted by the game's rush to make Wii launch. Gameplay-wise, I like how its structured. Automatic health recovery lets me focus on just item capturing and shooting, and the checkpoints don't make dying a frustrating experience at all. I thought the controls were very awkward at first, but they're now second nature to me. Sword fighting is fun, but can use some technical polish as the lag times and the limited kinds of swings really brings it down. The game does get slightly repetitive, but I find it entertaining.
The controls are NOT a novelty in this game. I can't imagine the game being as intriguing with a regular GameCube controller. I'll be glad to try out sequels that Ubi Soft can create, hopefully with better graphics, smoother control and more variation in gameplay.
The potential for Red Steel is pretty high. I'd give the game a 7/10. Worth the money for a launch game IMO, unlike Genji 2 for my PS3.