Ninty have been working on voice recog for over a year now, and at some point after WiiSpeak ships - we'll get a firmware update that adds voice support to the channels (at least). That is essentially the real focus of the hardware - making voice commands possible, without having to hold a microphone.
They are also working on the opposite - getting the Wii to talk to you.
The one example they quoted (again, this was ages ago) was starting the new channel, getting the Wii to "read" the news to you - and you driving it via voice commands.
If the DS can do it with its "crappy" mic (i.e. Brain Training, Cooking Guide) the Wii can definitely do it.
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