The Conduit is not revolutionary. It does not push the genre. It does not do things differently. What it does do, however, is make everything better than it ever has been.
From the excellent graphics (even by Xbox 360 and PlayStation 3 standards) to the sweeping score, High Voltage Software have apparently gone to every expense to draw the player into The Conduit's universe. And what a universe that is. The art direction draws largely from conspiracy theory circles, so you'll be seeing a lot of "Masonic" imagery.
The only criticism I have of the game is that the single player campaign does not do enough to draw you into the universe that has been so lovingly crafted; all the details are there, but many of them are hidden out of the player's way, meaning that a first play through can seem somewhat bland. On the subject of the campaign, it lasts about 5-7 hours. This, while not lengthy, is about the right length for the game, as it keeps it from becoming stale, as many FPS's do.
Playing the game is an absolute joy. It controls more intuitively than many of Nintendo's own efforts, and really shows what the Wii Remote can do when applied to the FPS genre. The online mode is fun, if not life-changing; multi-platform FPS gamers will probably be sticking to Half-Life 2 and its family, but for me The Conduit has more or less completely replaced Halo 3 and Killzone 2 when it comes to online console gaming.
If you own a Wii along with another console, you should seriously consider getting The Conduit. If you don't own another console, you absolutely cannot miss it.