According to the latest Game Informer's hands on impression of the latest build of Red Steel:
Game Informer said:"Not only did the remote replicate our actual sword-slashes, but the recenty unveiled motion sensor in the nunchuck could be thrust foreward for parry attacks"
"As promised, timing and observation was key to winning the sword-fights and felt just like the mock-saber duels nearly everyone had as kids, so anyone who has dreamed of being a samuri will pick it right up"