Hmm, perhaps the FragFX would work?

I don't know how you change the colour of the light ball, but I do know that there are two more buttons on the sideways (START & SELECT?), you can see it here in this picture...

From that angle in the picture I can see a possible flaw. What if you hit the bulb on a shelf or table while swinging? It happens all the time with the Wii, and the wiimote doesn't stick out that far. The joint represents a weak point combined with relatively thin plastic. The plastic has to be somewhat thin in order to be translucent.

mmmmmm..... I'll wait for more info. But.. I guess the wiimote is the way to go for motion controllers

The camera over your TV can recognize the absolute postion of your wand and the accelerometers+gyroscopes inside define its rotations. Thus the software can compute the direction you're pointing, display a reticule and let you control it by "pointing" the wand around.

In the end it's not the wand that has the functionality, it's the middleware software. But in practice, yes, you can easily code games where you aim by pointing.

People seems to be forgetting design 101...COMFORT FOR ALL USERS. It shouldn't matter if you have small hands or big hands, you want to be able to control easily. The Dualshock was ergonomically designed for two-handed control. PERIOD.

...As much as we would like to believe "It can work" It's STILL lacks what a controller DESIGNED for one hand has. Theres going to be limitations in this setup one way or another there is no denying this.

I'm basing my points on the evidence available.  Also while it might be expensive on the Wii, it would be far more expensive on the PS3, because Wii has many of these features built into the box or bundled with games, on the PS3, if everything is sold separately, then you have to get the PS3, three dualshocks, four or more wands, and then on top of that get the games, a much more complex and expensive endeavor for the average consumer, I mean lets just say that the wands are $50 each, and you need is four wands and four dualshocks, a dualshock at $50 also, so even before getting a single game, you've already spent $650 on the PS3 if you get the 120GB slim, then on top of that, you probably want 4 games to start you out, so you're looking at almost 9 hundred dollars spent, far more than what you'd spend on the Wii.

Thing is with Wii it would still be cheaper, as with PS3 you'd need a dualshock as well or a second wand, with Wii you get one controller and nunchuk bundled with the system and a game, or more

Speaking of trying to play 4 players with the wands, the PS3 supports up to 6 bluetooth inputs from what I know, which means you couldn't have 4 players using 4 wands and 4 DS3 or 8 wands on 4 player games since there would be too many devices. I'm not 100% on that just so you know but I know Legends of Wrestlemania supported up to 6 players at once which seems like an odd number.

Good point. I found mention of 7 paired bluetooth devices at the same time, actually, but it still falls short, If Sony really wanted to go all out with it, they could still engineer the wand so that it relays the data from the other controller. It would mean having to connect them once before playing with an USB cable, and the firmware of the console would need to be patched to allow the wand to request the release of the pairing of the dualshock transparently to the user. Or even leave the usb cable in place and use that.

But frankly, I doubt they'll do that, and I think we'll see 7 devices tops :)