Pros
Play the game and be glad you did.
Cons
It's essentially a port of a GameCube game.
I can easily see the playtime rising to the 60-hour mark if you try to accomplish everything that the game has to offer -- and trust me, you'll want to. Given the epic size of the game, it's important to note that there's very little redundancy. You'll not find yourself being forced to do a lot of unnecessary running or riding (remember sailing around in Wind Waker?)
I'm happy to report that the Wii Remote and the Nunchuk do an incredibly admirable job of making the game a lot of fun to play. In fact, I'd go as far as to say that this is a preferable method of controlling the game than a regular joypad. Movement, exploration and combat are highly accurate and if you fail or die, it's not the system's fault, but rather your own. I know this has been the biggest concern for many Zelda lovers and gamers in general, but I can't overstate this enough -- the Wii makes for a superb Zelda gaming experience.
In the end, there's no way that The Legend of Zelda: Twilight Princess disappoints. It's an excellent addition (and homage to Ocarina) to the franchise, and you'll have an enormous amount of fun playing it from start to finish. Get over the fact that the Wii's hardware is simply not as powerful as the other next-gen machines and get into the fact that Twilight Princess is one of the best games you'll play this year.