I have to try it, but I'm assuming its comparable to wii motion plus, which to my knowledge hasnt been used for FPS ever (just normal wiimote)
What I like about the move is that it doesnt DRASTICALLY change your gaming experience, like the kinect which basically requires a stripped down gameplay and is really meant for dance games and casual crap.
Sony won't give up on it, and it looks like most of their 1st party games will use it (including resistance 3)
Disagree about COD, it would either be too much of a handicap or so good that it would lead to an unbalanced MP (like if one side had a mouse and keyboard)