I just finally got my review copy of Dragon Blade. First impressions are pretty good! The story is stereotypical fantasy stuff, but the game seems pretty serious about it, i.e. I don't think they're just giving me an intro and then ten hours of action, but rather some storytelling throughout. And I have to admit, the fire sword is very cool and seems to be upgradeable, as is the armor. Motion controls are surprisingly responsive and consistent, with five basic attack moves, several combos based on which move is your third in a sequence, and several air attacks as well. I wish Zelda had this much control over the sword, and maybe the next one will. So far I have not been bothered by the graphics; I don't think they're as bad as some people in this thread have suggested, but I'm not ready to say they are good just yet. The first (training) level is very easy, but if the challenge ramps up a good bit, I think this may be a very nice option for Wii owners who want something in the vein of God of War or Heavenly Sword but can live without the top-tier production values.
My full review should be up on NWR in a few days. I'll post here again if I find any showstoppers, though.