I got to play for a couple of hours last night.
Swordfighting - The best event by far. Controls are sweet and it is a lot of fun, whether dueling or doing the speed slice. Probably the best demonstration of what WMP can do.
Wakeboarding - Easy to control but probably hard to master. Doesn't seem to be much depth to it from what I've seen so far.
Frisbee - A good demonstration of WMP. The frisbee dog is cute n all but the frisbee golf mode will probably see more play.
Archery - Controls really well and it feels satisfying when you hit the targets. Another good demonstration of WMP.
Table Tennis - The best table tennis game on Wii? I think so. WMP works well and you can apply slice and spin to your shots with great effect.
Bowling - A classic. On first appearances it doesn't seem much different but the control is much more precise. The complete 100 pin game is available to play too.
Golf - A bigger selection of courses and more precise control than the previous Wii Sports Golf. WMP seemed to go out of sync quite a bit for me though.
Power Cruising - Controlling the jet ski is easy. It's a good event but not really a great use of WMP (it could be done without it) and just makes me want a proper Wave Race game.
Basketball - Pretty basic. The 3 on 3 mode shows potential for a more fleshed out game though and I liked 'bouncing the ball' to dribble.
Canoeing - Not the most exciting event but the motions do work and you can play with 4 players simultaneously.
Cycling - The weakest of the events by far, almost like a Mario & Sonic Olympics event. Even though it is a poor offering compared to the rest it is still better than Wii Fits jogging or the majority of 3rd party sports mini games.
Air Sports - Made up of skydiving, fly over and dogfight. They all control well enough but this is another event that really makes me wish for a proper Pilotwings game.
I can see the swordfighting, table tennis, frisbee golf and bowling getting a lot of play (especially at partys), the other events not so much. WSR is worth it even just for those 4 events though and is a very worthy successor to the original. The only real complaint is that there is no online play again, as some of the events would have been a blast to play online.
There are no better bowling games than in WSR. The next best would be the original Wii Sports bowling. I don't think there are any really realistic boxing games that are very good, Punch Out! rates the best but is more arcadey. A boxing game that could use 2 WMPs and the balance board could be awesome though.