Sure. Except you will have hands growing from knees.
Not if the Oculus software is done right. With knees, and maybe other main joints of our body as well, in game, many more gestures such as running and kicking can be recognized. I bet developers can do amazing things when full body gestures can be recognized.
Also, since these other joints aren't supposed to perform precise and subtle tasks such as those done by our fingers, the required device can simply be a few LEDs. Much simpler to design than the touch controllers. Much cheaper to manufacture as well.
i wonder if the research team at Oculus is looking into these possibilities.
