The controller fits well in your hands. As was previously announced, the nunchucku addition also has motion-sensing capabilities, and it shows up in several games. It was a bit awkward to hold the two parts of the controller in each hand, but as long as you keep your hands together, it is workable.
As for the games, it can vary greatly. Some games felt right at home with the Wii controller. Super Mario Galaxy comes to mind. The gameplay was simple and seemed extremely intuitive. By contrast, Twilight Princess was not intuitive and has a steep learning curve.
Nintendo also announced a "Classic Controller" that will be able to be used for the Virtual Console and GameCube games. It will be useful for those that do not have Wavebird controllers, but unless you don't have one, I see little use for the Classic Controller.