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NJ5 said:

Similar functionality, but it could have different accuracy, and different requirements in terms of the distance from the TV... who knows?

They said it has "a 4 cm cube accuracy" (without specifying if they meant 4*4*4 or 4 cubic cm), given that and the fact that they haven't shown any pointer functionality, I'd say it's uncertain...

 

The distance from the camera would really determine the accuracy.  But I rewatched some of the E3 stuff and it looks like the avatar onscreen is matching the dude pretty damn well.

http://www.youtube.com/watch?v=ie02k3eAvxY