Depends on what you mean by "accurate." You won't be able to hold it up to your eye like a sniper and expect to point at a spot on the screen and have it go there. That's not a lack of accuracy, that's just not what it's for.
You may have heard it before (I think I've said it a few times in various places) - the Wiimote is like a mouse - it's relative. You move it up, down, left, right, forward, backwards, tilted forward, tilted backwards, tilted up, tilted down, upside down, etc...and it'll not only nail it completely accurately, but it can detect the speed and acceleration that you're doing it at. It'll be as accurate at detecting motion as your mouse is, except in 3D space instead of a 2D desk.