Allright everybody, it's just a patent application (US patent number 20080084385 in case you're interested). It's nowhere near a finalized product.
That being said, and having not (yet) read the patent application, the thing does look interesting. For those who are doubtful about reaching the buttons, try holding a pen. You don't have to strap the thing around your palm, but rather around your fingers. So it could work reasonably well, though it won't include an IR pointer.
Anyway, the patent application was filed in October 6th, 2006, a year and a half ago, and we've not yet seen anything of the device, so it might just be a patent that's used to curb the competition. And in any event, the real focus of the patent application is (from what could gather at a quick glance) to make a wireless mouse substitute, not a real gaming controller.
