I do believe it is worth waiting for and it does live up to the hype. I have only had mine for a few days and it has 8 hours a day logged into it. I own Zelda TP, Trauma Center, Wii Sports, and I have rented Red Steel and DBZ Budokai Tenkaichi 2. Zelda is by far an amazing game, and even after beating the GC version this game feels like a completely new one. The controls really make each game unique. Trauma Center, being an NDS remake, is extremely well done and holds the same difficulty of the DS. I played DBZ BT2 on the PS2 and, again, this game feels totally different even though it is the same game. In most regards I would say it is better than the PS2 version. The game you will be playing most, and not because it is free, is Wii Sports. Ask anyone and they will tell you it is tied with Zelda as the funnest Wii game to date.
In short, the Wii is worth waiting for and does live up to all of the hype. Not only the new games, but the Virtual Console games are extremely fun to play and add even more greatness to the best console of this generation.