In my view...
Using voice to play games ? It's not entertaining and usually slow (It will serialize the entire experience, introduce dead wait/space, while waiting for the computer to respond). You already have a controller in your hands too ! In fact, I prefer gesture control to voice control, but that's just me. I can "talk to" (more like shout at) NPCs but it will only make me more aware of the limitation of technologies, rather than immerse me in it.
Using voice to control UI ? Workable but some tasks don't match well to speech (e.g., Google for words that sound similar). It's slow too ! Good when you have dirty hands, provided your console is on perpectually. I think Home Automation, not just controlling media player, would be cool here.
If I were MS, I'd focus on the gesture control since they can see in the dark, and 3D imaging !
EDIT: There are very specific use cases that may make voice control shine:
* Voice-based games (Karaoke, Jeopardy, ...)
* Voice-based applications (Chatting, training crowd cheers in sports games, training someone to sound like you, acting in a virtual world, humming melody to search for a song, ...)
... but I don't think anyone should shoehorn the tech into every app (like talking to NPCs
)