This touches on one of my biggest issues with motion controls, their relation to realism.
I love immersion like any gamer does and, I'm sorry, but waggles and wrist flicking isn't any more immersive than pressing a button. In fact, it's even worse in an immersion sense because it is so unnatural. Pressing a button is an instant direct mind to controller action, waggling a controller isn't.
So if a waggle or flick doesn't cut it, where do you go next? Well, you go towards more exaggerated but still unrealistic motions. Problem is, you're still in the land of the action not truly feeling real while at the same time widening the gap between instant mind to controller interface even further. In the end, it may not be a waggle but it's not really any better than one.
Well, what if we get to a point where the required movements are, in essence, real motions? First off, as many posters here are stating, people often play games to relax or to zone out and immerse themselves in an experience. Full motion control is actually totally opposite of what they want in games. Secondly, for those who don't mind full motion controls it quickly gets to the point of why bother. If I'm standing there kicking, punching and swinging a sword anyway, why am I doing it alone in my living room? I'll just go do martial arts or go for a run, or play a sport, etc. The problem is once you reach that level of immersion in terms of control, you're actually breaking the overall sense of immersion because it's really only making the fact you're just playing a game that much more obvious.