Cool review of Microsoft Kinect on Ars Technica, found over through a related reddit story.
Personally I'm not a console gamer, so outside of either an epic fail, and/or playing with it and seeing it be awesome, I'm kinda meh on the whole thing. It is however, a brand new paradigm in gaming (in theory anyway), so it'll be something to keep an eye on. Even if it is an epic fail, I seem to remember the first version of the iPod getting pretty "meh" reactions too, and we can see how that turned out.
The super-bonus is you get to see some videos of it all in action, and some (the aquarium game in particular) look really... uhm, how to say this nicest.... "lame". We'll see I guess.