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Neat
This is pretty cool but not quite there.
I worked as Director of project development for a VR game company a couple of years ago called Trimersion. We developed a VR game platform that works with PC, Xbox and Playstation. Unfortunately the company went under due to bad management.
The game system consists of a HMD, Game Gun and BaseStation.
The difference from this example is I put the Gyro sensor in the HMD allowing you to look at the target to aim. The theory behind doing it like this is your eye to head movement is more accurate than your eye to hand. And it is wireless
Here is an example of the accuracy of play
http://www.youtube.com/watch?v=2lUIoAEfivU
I still have access to the games that were manufactured as well as lots of parts.
If anyone out thereis interested i would like to help you develope this technology.