This is probably not a new thing for you hardcore gadget chaps out there but it looks promising, check it out : http://www.djdeals.com/alesisAIRFX.htm
yes this is not new.
Though, as an owner of a real Theremin, I have to add that it has never died: you can easily buy one at Thereminworld. There are even MIDI Theremins.
By the way, if I remember well, the AirFX does not control volume with hands, but uses a pedal control.
Cool. I checked the manual and unfortunately it doesn’t send MIDI. A bit strange really. Then it would have lots of more possibilities.
rolands D-beam technology is really nice. i was trying to figure out how to make a controller but i think the technology is proprietary.
i imagine Alesis’s tech is some what the same in this product, except that it doesnt have midi cc control.
Seems its main audience is kids etc, the whole thing is marketed as a toy, as far as I could interpit from the text. The lack of MIDI proves that for me. But it still seems quite interesting, I want one! 
Oh, and IT-alien… Your tune is right up my alley! Sounds like something I’d love to churn out with a theremin. 
Thumbs up!
I got one of those! Got a used one really cheap two years ago. 
The sound quality is not the best I guess and some effects are really useless, and MIDI would kickass - but it’s fun to play around with and looks good live. Nice to be able to adjust 3 parameters with one hand. The Theremin-like features aren’t very useful, really hard to get the right pitch.
Check this out: http://www.alesis.com/product.php?id=15
Alesis has released a midi keyboard with a 3D controller.