I think this is a very nifty concept, it's basically all the degrees of freedom most modern joysticks have, plus vertical movement.

I just wonder if it's possible to use it well with one hand. If I lift on the control stick, is it heavy enough so I won't just pick it up off the desktop?

Also, this is good for casual gaming like There and SL, but I don't think it'd fill the niche needed for other games that still require a lot of buttons. I'll wait a few generations when they release the gamer edition. That'll be cool.