"It basically does what the Wii does, but better."
No. It promises to do it better. Wait until these actually come out. If the developers just do flashy waggle games, this will not be better (although I expect reviewers to hypocritically ignore their waggle criticisms even if the control is identical). If some developers make games using full motion that Motion+ has yet to do, that will be a better thing.
But wait. Don't assume the promises here actually make the product better.
I actually saw footage of it, and the press is playing with the games right now. I saw no waggle during the Socom 4 demonstration. So if the press are playing with it, that means its real. I watched the conference. I'm waiting for more hands-on with people later.