I'm sure its true IR pointing, but I only base that on the fact that they did so for MW2: Reflex so they already have experience with it, plus I'm going to assume it's easier to program than the gyro stuff; or at least it would be easier since they already have experience with it.
I wonder if Pro will try the game. If he says it has good controls then I'll buy it just to play with friends, otherwise no dice.