(A PS3 version could come sometime in 2010).
The Freedom is quite similar to the Wiimote in that it features a series of accelerometers for measuring pitch, yaw and roll, but the Freedom also uses two sensor bars set by the television for ultrasonic 3D positioning. Instead of IR, the controller emits sound frequencies measured by these sensors, which creates accurate controller triangulation but probably requires that the sensors be plugged directly into the console itself. (The Wii's sensor bar plugs in to the Wii, but it's really only an IR lamp.)
While we're sure the hardware is pretty solid at this point, the Freedom's success will depend on third party developer support and, of course, the small matter of price. But our interest is piqued. [IGN via CrunchGear]