I like it, but there's too many dance related taunts as it is. I'd prefer it if they made some more basic taunts first.
You're completely right. We DO need more basic taunts. I think it'd be awesome to have some more positive taunts too, for instance an apologetic taunt. Another thing I'd like to see is a wave taunt. Sometimes you get into a lobby with a player who you recognize but they don't recognize you. Instead of harassing them with a message it'd be much less spam-status to just do a taunt that conveys "Hey, I know who you are! You're the guy/girl from ______". Unfortunately all you can do when you have a fanboy moment like this is pelvic thrust them... which makes them think you're an **bleep**.