I'd argue that its technical capabilities are crap... but not the gameplay. Wii Sports still gets a massive amount of playing in our house, and has done since Xmas (apart from boxing, but that's because Nintendo didn't implement that as well as they should have done). Similarly, Rayman works great with the Wiimote.
Admittedly, not all games work well with the Wiimote... Excite Truck, for example, would be just as good with the d-pad instead of turning the Wiimote like a steering wheel. But the way I see it is that developers were/are still finding their feet with regards the Wiimote, what works and what doesn't, what it should be used for and what it shouldn't. In Mario Strikers, for example, the Wiimote's motion capabilities aren't bringing anything new to the table, so you hardly use it and instead use the Wiimote like any other controller.
Sure, some companies will jump on the Wiimote bandwagon and produce games that are a pile of carp, but hopefully we'll see less of that as time goes on.
Games like Red Steel are an ideal genre for using the Wiimote... and I'd love to play a Star Wars game that used light sabres
Super Monkey Ball was a disappointment, whereas Korporina worked much better. A cricket game would be ace too, as would a decent pool or snooker game. There are loads of games that could really use the Wiimote well, so I'd say it's not just a gimmick.