I'll admit that I'm biased. Both in the fact that I have hideous amounts of the little bank account draining models, and the fact that I rather enjoy painting them. I had to put my vote of disgust down.
However, I do believe figures should be offered to those who have been an 'outside consideration' in the fantasy genre for some time. Those who wanted to use colored miniatures, but didn't have the time, or didn't lose their sanity to a degree that they would spend so much on little figures of Elves and Ewoks
So I think it's a bold, and rather good business move, but I do give these warnings: Do not think these miniatures will look anywhere as good as hand painted ones. Also, don't expect them to be hard plastic.
Too many people have been assuming these would be the hard, detailed 'sprue' type plastic from Hero's quest, or from GW's boxed set. It is much more likely that these will be those abominations of vinyl that Army men are made of, or that Mage Knight are made of. Expect a lot of swords/staves/spears to be bent, and which may never be bent back. Also expect a lot of loss of detail due to globby, greasy enamel grade paint.
But despite the fact that I have doubts about the quality of the figures, I now think its a good thing for a majority of players who were ignored for years. So many players have wanted to simply open a box, sit down, and play, and more power to them, they now can. As long as they don't make creature 'types' random, you should be able to have an army of orcs or hoardish things in no time!