Just got back after playing the Wii tonight and wow.
I know Serega posted his hands on with it, its just simply awesome. You really do forget about the graphics because you're just having so much fun playing, especially with two or more players.
Zelda really is the game to get. Best launch game. Ever.
The controls are awesome, swinging the remote like a sword, making stabbing motions with the nunchuk so Link barges enemys with his shield, and rotating it 360 to make Link swing his sword around. And the graphics are the best seen in a Legend of Zelda game ever. They had them running on Widescreen LCD tvs with component cable hookup and damn the graphics were sharp.
The aiming feels a little weird at first (in essence you really are aiming at the sensor bar) but once you get used to it it really feels natural.
Also found out some preliminary pricing for virtual console games (in Australian dollars)
NES games - $7.50
SNES/Megadrive games - $12
N64 games - $15
Prices may change though but it gives you an idea