Move uses camera tracking. Wii's approach is pretty much the opposite of Move. Wii-mote doesn't have an IR pointer in the controller. PS Move has the light sphere as a marker that will be tracked by the PS Eye camera. In the Wii, the sensors bar actually just have infrared LEDs that will act as a marker (you can replace the bar by two candles and it will work with some loss of precision, but will work) while the controller has the actual sensor and detects the LEDs in the sensors bar.
Additionally, both have accelerometers and gyroscopes (Wii Remote Plus and Move only). Wii mote Plus uses accelerometers, a 2-axis gyroscope and a 2-axis angular sensor. Move uses accelerometers, a 3-axis gyroscope and a 3-axis angular sensor in addition to a magnetometer that will help to calibrate the controller on-the-fly. In that aspects, move will be more precise, but not by much.
Aboutthe tracking, the camera on the Wii Mote is 128x96 while the PS Eye uses 320x240 to capture data. The Wii works at 100hz while the PS Eye tracks at 120hz. And it's necessary to consider that the object tracked by the Wii Mote is considerably smaller than the sphere in PS Move, making the lower resolution even more critical. In the end, PS Move is way more advanced in this case.
About the processing time, both use Bluetooth for communication and are probably similar. The processing time is hard to compare. PS Move is processed on the console using Cell's SPUs. These should do the Move much better since PS3 outperforms Wii by far, but most of the motion processing on the Wii is done by dedicated processors in the controller. In the end, the calculations are pretty simple (Wii uses a simple triangulation and the PS3 just detects a colored circle's position and size and both of them combine it with the motion sensors data) and are pretty fast to perform in both machines.
The comparison is actually far from fair. Wii Mote uses mainly 2005-2006 tech with the addition of extra sensors later, while the actual tracking tech remained unchanged. Move uses 2008-2009 tech and that will give a clear edge. Move has the advantage of having the sensing in the console and camera, so a console/camera upgrade like PS4/PS Camera can improve it by quite a margin since the controller itself has only basic tech (sensors and a RGB LED).
