Just played about an hour of this today and thus far my impressions are exactly what I suspected them to be in the weeks leading up to the Wii's launch:
Red Steel is a fantastic sign of what is to come, but its execution suffers.
It suffers greatly from trail-blazing-itis. The control is kinda wonky (Zelda made me lazy with not pointing the remote at the screen all the time

), but it does work. The sword fighting thus far feels very random to me, like it's not really the 1:1 they promised, but maybe I'm just doing something wrong. The graphics are pretty weak, but I'm not sure that's a fair judgment after just playing through the pure beauty that is Zelda. Anyone get the impression that the cutscenes were ment to be animated, and they ran out of time, just through up the story-baord and added a few tweaks and hoped that would suffice? Guys, if you want to rip off Max Payne, you need to put some effort behind it. Not mindlessly moving a small drawing of a car across my screen with "VROOOM!" sound effects.
That being said, it is fun and I look forward to playing through the whole of it. As different devleopers experiment and fine tune, I really see the Wii being a great FPS machine. It still suffers from many of the issues I had with dual-analog FPS controls (slow turning, etc.), but it's certainly bringing the consoles a step closer to PC FPS perfection. In a way, the muscle-memory of Keyboard/Mouse setups seems to translate alright to the nunchuk/wiimote setup, which dual-analog never did for me. And I do like the little touches of knocking over tables and opening doors.
Save for the original Halo (not the travesty of a sequel) I've not been able to tolerate a console FPS. The Wii holds promise to correct that and I hope we see great results in the future.