I'm not very sure about how every game only needs two buttons, lets take Monster Hunter Tri (an awesome game) as an example
With wii remote:
A: attack, interact
B: evade
joystick: move
Well, that's good so far.
Z: different attack/block/aim with weapon; without weapon run faster
C: Choose items to be used, choose ammo with bowgun. Alternate camera control. (Altough I think it's inferior so I never use it)
D-pad: camera control, together with C: choose item/ammo. Navigate in menus.
+: sheathe/unsheathe weapon
-: kick/tackle (underwater)/reload (bowgun)
home: bring up the wii menu
1; use item, same thing as holding C and press a.
2;bring up menu
Swing remote: attack. Same thing as A for melee, swinging the weapon in front of you for bowgun.
It's impossible to have camera control with a NES brick, so you have to always have the camera behind you. (Which will make it a hassle, but workable)
a; attack, interact
b; evade?
start: menu
select: It would have to be sheathe/unsheathe unless one moves around with the weapon all the time.
It is always possible to press several buttons at once, or have one button as a modifier button, but that would be very clumsy.
Now what should one do with all remaining actions? Remove them? I don't want to play with a bowgun without scope aim, reload and melee attack.
kicking/tackling is out of the question, even though they are of great use for greatsword when starting combos (or so I heard), and saving friends who are stunned/asleep.
itemusing would have to be moved to the menu, making movement while selecting it impossible, so it will be impossible to use items unless you run away from the monster. Also, it would be impossible to change between ammo in battle, making the (over) complicated ammo system boring and dull.
Blocking and having other than a single attack is out of the question.
Sprinting will be impossible.
Reloading the bowgun is also scrapped, booooring.
Melee attack with the bowgun is also scrapped.
Unless bringing up the menu pauses the game, which would fuck up online play and make the game less blood-pumping, it will be impossible to pause the game.
What we have left is a boring, dull monster hunter that nobody wants. 4 button plus D-pad might work for simple games (bit.trip, mario games) but for anything remotely realistic you almost have to have more buttons. I still love simple games, I have played bit.trip until my eyes bled, and dr.mario is awesome if you don't have much time, but I cannot play them for hours straight.
My vote? Standard controller, I like how the wii did it, with the possibility to remove the nunchuk and play it as a NES controller, for the games that don't require as many buttons, or use it as a pointer for mouse/touch -like capabilites. You also have the classic controller for button mashers and backwards compatibility. Then there's accesories like the wheel and crossbow for racing games and ... links crossbow training. This covers almost everything, excepts for text-adventures (and FPS, it can be tiring to hold the arm steady for hours) and that's why the wii have USB ports...
Go Wii!