My problem with the Wii is that it doesn't feel like enough return on the investment, as far as what you're getting in the box. Sure, you could make the argument that it's a great value:
$100 GameCube
$60 Wiimote
$20? sensor bar
$50 Wii Sports
$230, which is basically what many of us assume the Wii actually costs to make. This does not include the new WiFi, etc.
Still, I just expected a little bit more. Now, granted, Nintendo has warned it would only be 2-3 times more powerful, but I suppose I haven't really seen that so far in the games. The best looking game is maybe still Zelda, and as everyone points out it's still a GC game basically. I don't expect it to rival the X360/PS3, but I do expect it to outpace the XBOX/GC/PS2. I haven't seen that yet in the games. Which, of course, leads one to think that it is essentially a second GC we're paying for with some accessories. That's not really, at the moment (having not played any games), worth $250 to me. The X360 and PS3 have noticeably better hardware than last generation. So, I'm not paying for an XBOX with wirelesss controllers, but an actually, noticeably better system spec wise. Same with PS3.
I also don't really buy the argument that people don't care about graphics. If they didn't, they wouldn't rush out and buy new systems on launch day, as rarely do they offer new gameplay experiences, as much as they offer flashier graphics. Graphics aren't the end all, be all, but they do matter. There's a reason, as many of us have discussed, that SNES games hold up better than NES, and GC/PS2/XBOX games will likely hold up better than PS/N64 games over time.
The Wiimote is a great idea, but I'm not completely sold on it yet. If Nintendo can give me 5 or so games that play like AAA titles, then I may reconsider. Otherwise, I am hesitant to buy it when I still have GC games left to play. Here's hoping they wow me at launch.