A very interesting take on this from cult of mac. I've long argued that the current desktop touch control implementation is flawed, both ergonomically and practically. However, using something like this would certainly make a "touch" based computer compelling and usable, especially when you combine it with the other old patent for the iMac to push it down towards the desk.
http://www.cultofmac.com/169875/what-apples-vibrating-pen-tells-us-about-the-future-of-everything/
I still don't think using something like this can replace the mouse/touchpad completely. Mainly because it's simply a lot quicker to move a mouse from one corner to the other, especially when it comes to a large screen, then it does to move your hand on the actual screen. Therefore, many things will still be quicker with a mouse, but the vibrating pen does have some interesting uses.
http://www.cultofmac.com/169875/what-apples-vibrating-pen-tells-us-about-the-future-of-everything/
I still don't think using something like this can replace the mouse/touchpad completely. Mainly because it's simply a lot quicker to move a mouse from one corner to the other, especially when it comes to a large screen, then it does to move your hand on the actual screen. Therefore, many things will still be quicker with a mouse, but the vibrating pen does have some interesting uses.