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I see a lot of potential in the remote but not as a standard controller. I see it like a lightgun in that it's appropriate for some titles but, due to the lack of buttons and the sheer annoyance it would be to wave something around for multiple hours at a time, not for all. In some cases having something respond exactly as your movement will be really cool. But in any situation where a button press would do a button press would be better due to the precision of digital buttons and the less physical effort required. You have to admit that merely assigning gestures to replace buttons would be pretty lame. In order for the remote to be a new standard as is that's going to happen. Hell Nintendo even had that in their demo video in a shot where a girl was playing Mario and bouncing the controller up to jump.
Ugg, think outside the box for once. The revmote detects motion on a true 3-d plane with incredible sensitivity...the first time anything like that has been offered on any games console. And that's 'not as precise'? I'll tell you what's not precise: when you push a button, your sword swings in a pre-determined way... except when it doesn't and the game decides you want to speak to a character instead. Want to hit an enemy that's beside you instead of in front? Well, maybe there's a button combo for that. Want to block an enemy's jab? Sorry, tough luck. When the revolution comes out, saying the revmote isn't as good as button presses for performing actions in a 3-d world will be like saying the analogue stick isn't as good as the d-pad for controlling movement in a 3-d world.
Anyway. What your other concerns? Not enough buttons? The revmote has 3 buttons. 7 counting the d-pad, 9 counting the nunchaku. So no real worries there. Plus, the shell. But you know about that. Too physically exausting? People who have used the controller say it only requires subtle movements and is not in any way physically exausting.
Developers and reporters alike are in love with the controller. But, most importanly, Nintendo is in love with it, and feels it offers the best means for bringing their game concepts to life. As far as I can tell, your worries are unfounded.