For inherent capability, I'd say...
KB/M > Pointer >> DA
...but in terms of implementation so far...
KB/M > DA >> Pointer
...the problem with Wii FPS is that there's honestly been so little effort and R&D put into it. I mean when your big innovator is a reputed C-grade shovelware house like High Voltage, you know things aren't going to be great. Granted better devs like Treyarch and Eurocom have brought things a bit further recently, but the approach to Wii FPS seems to be to default to endless customization rather than trying to find that more universal sweet spot DA is at today after more than a decade of refinement and tweaking.
Pointer technology is inherently better suited to shooting though, modern DA is entirely reliant on heavy auto-aim while a good pointer implementation allows for a more skill based approach. There are camera/maneuverability issues with the current Wiimote setup, and the evolution of pointer FPS may better suit towards different playstyles (snipers kinda naturally stand out here), but for any game that involves actually aiming a projectile, a less abstracted interface is going to give you an inherent advantage. Now that Move's on the market, hopefully we'll see pointer controls given some serious effort and consideration by the genre leaders (Bungie, Spawnpoint, Valve, Infinity Ward, etc). The potential is certainly there...