Before you even ask, no, the MAG II Gun Controller for PC and PlayStation 3 isn't a light gun -- though it certainly looks the part. Coming to North American stores on November 13, this peripheral uses motion sensing and gyroscopic induction movement tracking.
According to the press release, it is "instantly compatible" with all first-person shooters on the aforementioned platforms. Now, you might be thinking that this could be neat in certain situations. I certainly did. But that brief thought was obliterated when I saw the price: $149.99. Yikes. At any rate, it'll be available from GameStop and Amazon.