Couple of things about red steel - Never played it but I can tell from the vids that turning control looks crappy. Why couldn't they have inmplemented a fast turn with the left and right buttons on the d pad?
I'm prob still gonna get red steel - maybe farcry actually because of the reviews. But I've heard one complaint in reviews that there's no blood and therefore its not "red steel". But I say think about how that would look for nintendo to have a gore splattering game with blood and dismemberment in a "Launch" title. Excess gore (and even just normal blood splashes) would not be good for nintendo PR I think.

I expect red steel to basically be an interactive gun game rather than a fast paced furious fps. And as for the sword fighting its pretty much what I expected. People thought it was going to be a completely amazing experience where every move you make would be replicated on screen... Imagine how hard that would be to implement - thats a whole game in itself. I'm expecting wii sports boxing - but with swords.
Just my thoughts and opinions though. Red steel suffered from too much over hype.

I reckon if you lower your expectations to reasonable levels and remember its a launch title for not only a new console - but an entirely new control system, you won't be too dissapointed.