We've had our Wii for just over a year now. It originally belonged to my brother but he found that he wasn't bothering with it much so I ended up having it as an early Christmas present. However I too am finding that I can hardly be bothered with it now. It's great fun if you have family members or friends who you can regularly play on it with, but otherwise it's not worth the money IMHO.
The graphics are good but by current standards, they are nothing special. Compare them to those of the PS3 or Xbox 360, and you'll see what I mean. To be honest though this is no big deal to me. My main criticism regarding the Wii is how it's not really a console you can chill out on by yourself. When I get home from college, I don't feel like moving about like you have to with most Wii games. If you're on your own then this can get boring very quickly. Furthermore the majority of games on the Wii seem to be aimed at social gamers. Now don't get me wrong, I love "party games" and I've never considered myself as a hardcore gamer, but how many of these games do you really want? How many are you actually going to get through with your mates? Personally I found that we were sticking to Wii Sports mostly, which of course is bundled with each Wii console. So if you're like me then you'll probably buy a Wii with Wii Sports but hardly bother with any other games for it. Which is why I think the price needs to be dropped considerably.
Brushing all that aside, it's basically an amazing console with its motion sensitivity and the way it appeals to pretty much everyone. My personal favourite is Mario Kart Wii, which is one of the few games I've played on the console that can be good fun on your own as well as with others. But as I said, I found that my mates and I were mostly playing Wii Sports.
It also comes with some interesting/handy features such as the "shopping channel" or the "weather channel", with many more available to download from the former. However unlike it's rival consoles, it does lack media player capabilities and the online play is fairly basic.
All in all, whilst it is arguably a tad overrated, it's a fab console. But as I've aforementioned it's best played with others in the same room as you, even the online sessions can get a bit boring otherwise. If you're after "serious games" like GTA 4, then you're better off getting a PS3 or Xbox 360 if you haven't already done so, they can still be good fun with others too. But if you're only after something to whip out when you've got friends over and it's not going to be forgotten after a couple of months, get a Wii, although you may want to wait until there's another price cut first.