It depends on how accurate it is at pointing... and keeping track of the hand itself moving.
It would probably be closer to that 3d wireless joystick I have (that rotating it moves the mouse... not pointing it)... its usuable... but not a gun aiming... (ie, it works great for shotgun at your waist... but not rifle with scope).
But IF it could be used well.. and kept track of the location in the room and the location of the screen... (ie, the mouse pointer can be calculated by where your finger is pointing to at the screen, not just based on rotation of your hand) then it would be down right SWEET!
I would LOVE to play a gun game where my I made a gun out of my fingers and said BANG! (have to get voice rec for the bang!)