I knew that, they are both dildo.... but just in different shape!
Look at the tech demo, it is almost the same as Sony's one without the Writing.
No, you're right, they're highly similar, but there are some key differences. For starters, I believe the Wand sticks the LED's on the Wand itself, and has the camera on top of the television. The Wiimote works exactly the opposite (camera on controller, LED on top of T.V.). This may seem minor, and it mostly is, but it does give the Wand some advantages: as long as the Wand stays in the camera's direct line of sight, it can be tracked with full accuracy.
The Wiimote, on the other hand, needs to recalibrate itself fairly often, to know exactly where in space it is, or else it starts to "drift" (anyone who's played Grand Slam Tennis knows exactly what I mean). How exactly it recalibrates depends on the programmers (GST does it every time you hold it still, while in Resort you can press down on the D-Pad to do so, etc.) but the most common way is to have it recalibrate as soon as the camera sees the LEDs on the T.V.
There are two problems with this: you're not always going to have the camera pointed at the T.V., so recalibration is spottier than with the Wand, and there are a LOT of sources for LEDs, including sunlight, so in some rooms it'll constantly recalibrate...in the wrong direction.
The Wand hopefully won't have that problem, if Sony is wise enough to make the Wand emit a range of light that isn't very common (and therefore won't be mistaken for sunlight). The problem I see is that the Wand won't work as well the second you somehow take it out of the camera's view, as in times when you spin or duck under something, but hopefully those moments should be fairly minimal.
Oh, and it looks even more like a sex toy than the Wiimote does, even when the latter has its condom on.