No reason it won't work. Once the whiteboard is correctly calibrated it will accurately transmit mouse moves just like a regular mouse.
The coolness factor and usefulness of this software is using it as a whiteboard - I.E. standing in front of a big space and using large gestures to communicate with a large group.
I don't know exactly what you are looking to do, but if you just want the "light pen" feature you may want a Wacom Tablet.
http://www.wacom.com/index2.cfmThey are made for drawing digitally with a pen.
