If you took a look at the simple drawing below, what would you think you were looking at? If you said a prototype drawing of a Wiimote, I'd tell you that it was a good guess. However, it would also be a wrong guess, as it is actually a sketch for an Xbox 360 controller.
Yes, we too note the uncanny resemblance to the Wiimote, so you're not crazy. What's more is that it is intended to work very much in the same way as Nintendo's popular controller. The fundamental difference between the two is that there will be no companion controller similar to the Nunchuck.
While Microsoft has yet to confirm this, Rare (a studio owned by Microsoft) has stated that they have been working on the device since last summer. Unless they get this out in time to launch beside Star Wars: The Force Unleashed, there is almost no appeal for a controller such as this.