An object is on the floor.
The player has the character walk over to the object and look at it.
The thought ticker pops up with "What's that?"
The player reaches out with their wiimote, causing the character to reach out with their hand.
Once the character's hand is close enough, the player holds 'A', causing the character to grab and hold the object.
The player moves the wiimote towards their face, causing the character to do the same.
Once the object is close enough to the camera, the thought ticker says "It's a brick."
The player can twist the wiimote and view the object from any angle, causing the character's hand to do the same.
Turning the brick on it's side sees a brand name. Although the player can read the brand name on the brick if it's close enough or if the screen resolution is high, the character reads it first, causing the thought ticker to pop up with "Red Hot Co."
From then on, the object can be looked at from any distance and the thought ticker will pop up with the word "brick" while they're looking at it.
This process is how I believe object interaction should be done. Having a separate menu screen for this function is clunky. (I'm looking at you, Resident Evil)