The film version of Minority Report was not a model for practical or usable interface design. Millions of years of evolution have built our brains and bodies for interacting with things that provide physical feedback when we touch them. Waving a pencil in the air, "manipulating" an invisible item and looking for visual feedback from a screen, these are not good experiences. Even if you discount the "gorilla arm syndrome" that StavrosK quite rightly points out here, the fatigue of trying to perform fine and accurate motion without physical stimuli for your hands and fingers to respond to is significant.
I'm sorry to be a negative voice in the face of innovation, but this really does feel like a technology in search of a problem. What worries me greatly is that it has a remarkably high "cool factor" that would be excellent in short demos, and could be easily pitched to companies looking for a flashy feature to get a leg up on the competition. We were saddled with some dubious decisions at the dawn of the GUI age, and we're just starting to lose them as we enter the Direct Manipulation age of interfaces. Please don't let this concept of feedback-free hand gestures become a paradigm that we're stuck with in the future.