I think it looks cool. Motion controls have been limited on the wii, but a bit of competition is good for a new function like motion controls. They will be competing, and hopefully, making better games and coming up with better ideas on innovative ways to use this technology. Plus, they both offer something the Wii can't. HD resolution! Don't get me wrong, I love Nintendo games but they've gotten LAZY. New super Mario Bros. Wii for example. Great game but so little effort. The roster of characters that you are able to pick are Mario, Luigi and blue/yellow toad... would it have really been that hard to add 1 more character?
From the videos that I have seen and the early "hands on" articles that I have read, it seems like this might actually be worth keeping an eye on. REMEMBER: Hardcore gamers are not the #1 target audience for motion controls. Wii has made tons and tons of profits because it was able to let the Xbox360 and PS3 take most of the hardcore gamers, while they brought in many many times more, casual (new) gamers, in with their motion controls. PS3 and 360 are making a play for the casual gaming market because they realized that fighting with each other for the "hardcore" market is much less profitable than going after the tons of new or casual gamers that have flocked to the Wii.
Bottom line is, we are not the target demographic anymore, Your mom is!