Update: We added another video after the break, including video of the actual board in action. Turns out the motion controls are quite detailed, and in advanced modes even allow for in-place 180s, but nothing seems to involve lifting the board actually off the ground. Grabs can be performed by actually grabbing the edge of the board, with infrared sensors picking up your hand position, and pushing is performed by running your foot along the side of the board. Ollies and flip tricks are obviously going to be a bit different than the real deal, while manuals and steering are pretty much spot on, and apparently there's a lot of choice as to how much "realism" you'd like in controlling the thing. Tony Hawk also sees the controller as a "standard," which could work with snowboarding games, surfing games, exercise games and other assorted cash cows for Activision.
Tony Hawk's 'Ride' motion-sensing skateboard in action