I doubt it will be as functional as the current mouse/keyboard for practical movements... but for knee jerk reactions players will probably get pretty frigging good at setting the crosshair on a target really frigging fast. I'd love to try some FPS on that thing anyways.
I'm glad they are still including the wavebird setup. Not every game is a shooter or a fishing game.
I really can't wait to see what it adds to the next mario game
[edit] it IS an astetically hideous device though...