It's amazingly fun. I hope it could get packaged and open to spawn a lot of games as the update in the post kinect era. One small problem I experienced on this specific game is that it requires me to be far away from my desktop, which requires me to have a large room and a large screen (otherwise it's too far to see the screen clearly).
Yes, it indeed requires having some space at home because it needs to see you in full height + have some space above your head to detect hands up action.