I'd say that Wiimote is absolute with respect to the sensor bar, not the TV. Of course, to transform from the sensor bar space to the TV set space, you need a calibration (scale depending on the TV size, I think the default on Wii is around 25", and relative origin), which should be quite easy assuming the bar is in the TV plane. (There's a factor that depend on the vertical angle of the wiimote, but assuming that you're always around the same height from the ground, and since it's a second order term, that's not a big problem)
That calibration done, the wiimote won't ever drift, and the computation is direct (read the position of the centers of the two blobs, multiply by a simple calibration matrix, get the result in the TV space). The only threats is when you have other IR sources around.
It's a bit more difficult with Move. First, the reference directions can change a bit (magnetometer limit the horizontal drift, accelerometer the vertical drift, but they can't give precise references, or you wouldn't even need a gyroscope to begin with). Besides, gyroscopes will give you a direction, and if you want to get the intersection with the TV plane, you'll also need 3D position of the ball (or going left 1m would result in no change for the position pointed on screen). Nothing impossible, but that's less immediate, and thus can suffer more from imprecision. They already have pretty good result, though, and that'll probably improve over time...