Yes, thanks much for the report.
The WaveIt does *not* have a true light gun feel. However, it does have a true Wiimote feel.
That's unfortunate

The Wiimote and WaveIt measure their position against IR beacons. If the relative IR Beacon position and the actual aimed at screen position are close enough, the user doesn't notice the difference. (Having an onscreen cursor goes a long way it tricking the user to believe that they are aiming at the screen.)
That doesn't mean that it can't function like any other gun control, just that a calibration step would be required every time one moved the IR LEDs.
The WaveIt worked anywhere from just over 2' to about 12' from my 50" screen.
This is a much better range of operation than the TopGun.
The WaveIt cursor lags by a fraction of a second. (Again, like a Wiimote.)
Arghh! From what I understand, there is some "smoothing" taking place. That may be responsible for some of the lag. So far, I have not been a fan of the Wiimote because of that odd feel of it being a sluggish mouse control, rather than a fast tracking "gun" type device.
As far as the 'light gun feel', I think you guys nailed it in a sense that it's part trickery to our brain. The Wii mote by itself doesn't feel like a gun at all, put it in a Nyko Perfect Shot and now it 'feels' like a gun.
The TopGun and GunCon3 also use sensor bars and are very much the same type of technology, so if we can get the buttons mapped and then into some form that looks like a gun, we'll think we are using a light gun!
Well, maybe not. While a plastic grip might make it feel like a gun physically, the feel I was referring to is the immediate "shoot where you point" feel. Any amount of perceivable lag is bad, bad, bad for shooting games. And if a cursor is necessary, you might as well use your mouse, or one of those funky "gyro mouse guns".
Again, perhaps if position sampling / smoothing could be disabled the performance would tighten up. A little jitter with a light gun is far better than lag. But I do understand why stabilization code would be important when it is used as a pointer. It's just that it's a different design philosophy that doesn't always lend itself well to other applications.
RandyT