Some say it's the next big thing, some say 29ers are just a fad. Some say they're faster, others point out they're slower to accelerate. Some say they roll over the bumps and roots easier on the trail and others claim they're no good on twisty trails and are less maneuverable. The debat (arguement) has been going on for years. Some love 'em some hate 'em.
It's huge in the states where most folks think they're the next best thing, but not so big in europe as the pro riders aren't winning any races on them yet (there was a third last week I think).
I'm thinking of getting one this year just to see what all the fuss is all about. I want to see if 29ers really do roll over small bumps and roots smoother and also, because of the larger contact area, climb better. But I'm concerned that the bigger wheels will be weaker (I'm an abusive 16stone rider) and that the bike will be harder to 'hoof' (technical term) in tricky sections.
Folks have done side by side comparisons to see if the bigger wheels improve lap times on known sections of trail and the differences if any have been very small. The best advice I've heard so far is go test ride one and see if you like it.