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Special gloves and shoes that contain radio transmitters. Receivers placed around the room that can accurately triangulate the position of the transmitters, so it can track your fingertips and feet position in 3D space. Also, glasses that can track eye movements.

The technology already exists and is fairly cheap, particularly for the transmitters.

However, I wouldn't even consider this an innovation, since the idea of weird new control schemes has already been done. If someone makes a new control scheme, they'll say the same thing about it just being more of the same as the Wii, like they say the PS3 and the 360 just improve the graphics.

Besides, if I actually had a good enough idea, I sure wouldn't be talking about it in public!