No.

Its exactly what it was supposed to be, an addon to your console. Move functionality has been either added or developed for in a ton of games and has largely been positively received. Its been in both hardcore games (with the sharpshooter addon being awesome) and in a ton of casual games. They have sold 8.8 million units by this summer and the best evidence that its not a "Fail" is that they continue to support the thing.