AFAIK the positon doesn't need to be constrained to the screen. Obviously the 'laser pointer' bit does, but the range of motion could be achieved with a triangulated signal, perhaps 2 transmitters at the ends of the Revmote. You'd calibrate the controller and it'd know full 3D position and orientation. The sensor bar doesn't define the limits of a field of action, but just provides two sensors of fixed distance apart that the difference in time a signal takes to be received in them can be used to determine the transmitters positon.
I think the Revmote would need to transmit gyro/accelerometer values plus probably a clock/timer signal. BW would be low, power consumption should be pretty minimal as you don't need to worry about range or passing through objects and could possibly manage with pulsed signals 60 times per second, though more would be preferably for accuracy.