It doesn't have to point where I'm aiming, but it definitely helps sporting a consistent behaviour, IMHO.
RE5 Move doesn't allow that, by design.
Zombies won't wait for you to think, I'm afraid.
I don't think it's ideal, not with this kind of controller at least (as I said it's not consistent, unless you are able to put the Move in the exactly same position all of the time, which is like... very hard), and not having the pointer always on screen isn't helping, too, at least for a player used to RE4 Wii version.
But if you're enjoying it anyway, fine. I just can't help but wondering why the hell Capcom ruined its own control scheme.