They could probably even find a use for the V.S. in Wii Music 2 as there is a connection between musical tempo and other musical parameters with the listener's heart rate. This can work in different ways... For example they can detect your current heart rate and play suitable music that fits it, or they can attempt to alter the heart rate by playing faster or slower music, accordingly.
While using music and sound to provoke excitement is nothing new, the fact that for the first time they have real-time feedback from individual players may allow to "custom tune" a gaming experience to achieve the desired emotional result... If any one has seen that ridiculous Japanese commercial for "Night of the Sacrifice" (a horror game by Marvelous i think, which uses the balance board), then the game could "know" to lay off that poor terrified women and go easy on her with the next scares... vs anybody who would not be afraid of their own shadow, in which case the game could "know" to push harder... As another example they could rely on info from the V.S. in order to initiate a "super guide" mode to help out the player if he is frustrated.
Hell, they could even try using it as a customer feedback tool, by collecting data from the V.S. in order to try to determine which parts of a game players enjoyed the most...
I agree with the opinions here that the device itself (known as a PPG in the medical world) is probably somewhat limited in application, but the general direction is intriguing and will hopefully inspire continued investment in the use of biofeedback in gaming (like the fairly simple Wii remote inspired more complex devices such as Kinect).
Either way, I love Nintendo's radical line of thinking... even if it amounts to nothing, it's still very good business 
Until you've played it, every game is a system seller!
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mini-games on consoles, cinematic games on handhelds, what's next? GameBoy IMAX?
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