The rumours were true: there is indeed an iRing and it offers motion control for your iPhone and iPad, it's just not made by Apple or endorsed by Cook and co in any way.
How does it work? Well it's all to do with using the front-facing camera on your device and "advanced volumetric positioning algorithms to recognise and determine the exact physical location of the ring in relation to the device camera".
That's IK Multimedia's words, the makers of the iRing, not ours. If it were ours we would scrap the hyperbole and say the iRing was controlled by Midi-chlorians.
Here's more blips to wave a motion-controlled finger at: