Meant to be Seen

As the title says i have been thinking about a VR position controller, this is not for simulating movement like walking but more movement of arms and legs.
Basic idea is to use one IMU per limb, example one for the upper arm, one for lower arm and one for the hand and then by getting the angles from those calculate the exact position of the arm and hand.

Pros: Fast and exact, don't need any external stuff, works every were in any angle.
Cons: A bit more complicated hardware compared to for example kinect. Might be expensive.

What do you guys think, should i just scrap the idea already and buy a kinect instead or is it something that is worth investigating?
For full body tracking (excluding feet, head and fingers) it probably needs 11 IMUs, but i will start with one arm and build it from there.

Done : http://www.mtbs3d.com/phpbb/viewtopic.php?f=120&t=15564

I'm too lazy to find the original thread but RoadKillGrill (as he is known on these forums) has been exploring this concept for a while now:
[youtube]http://www.youtube.com/watch?v=MSTge5IDxF4[/youtube]

Sadly, it's a little under $4000 for the 17 sensor suit he uses.

EDIT: Darnit Fredz

I know thats it been done before and seen that video, but 4k$ LOL?
It can be made a whole lot cheaper than that im sure of, it should be possible to get it down to almost 1/10 of that cost, according to my calculations if i make the sensor boards my self i could probably get the sensor boards down to around 40$, maybe even cheaper. Thats 440$ for a full 11 sensor setup, well in reach for the VR hobbyist for full body tracking : )
I also have a design that will make it easy to just add or remove sensors depending on the game you play, some games might only need one arm and some might need the whole body, just attach the sensors you need and it will work, no change in firmware or anything : )
Will post all the details in a separate if/when i get started of course. Currently im a bit low on funds and the sensor i want to use will not be available until Q2 2013 but i will start to make some basic designs to come up with a more accurate price and a board layout.

Ok, i have done the board layout and done some cost calculations on the needed components and came up with the final price of 25$ / sensor board, that will be around 300$ for a full set.
I will start making one arm (3 sensors) and see how that turns out : )
Note: Not trying to make a commercial product, just interested in if its possible to make it good at a decent price, also its very cool to have : )