So i was watching Gamer TV on Bravo here in the UK and they had a feature on this:
http://www.in2games.uk.com/testsite/index.php
Its not even new! IGN did a feature on it in 2004!
On the tv show they showed a guy playing the fighting and the golf game. It seemed pretty responsive and accurate. They also showed a prototype for sword wielding (even lightsabers!) snooker/pool, bowling and an FPS.
At the very least this gives a glimpse of what the Revo controller will be able to do. I guess the revo controller will be better in one way due to the lack of cables, however making it light/radio based may give rise to responsiveness issues.
This is available for PS2 and PC and no doubt it will apeear on a next gen console. In which case it kind of steps on Nintendo's toes.