In SS, you're capable of twisting/rolling the sword around while it's unsheathed. I tried to do some testing but it appears it doesn't do anything besides look fancy. Maybe I'm wrong?
As far as I'm aware it has no effect whatsoever. Once you swing the Wiimote Link just does a pre-animated action based on the direction of the swing and the position you were holding it beforehand has no effect at all.
While not targeting, it affects the angle of the swing a bit, since the sword only swings in 8 cardinal directions while targeting. So, yeah, it does a little bit.
Well, it's NOT true 1:1, but it's one of the closest things we have to it. It's also definitely the best example of motion controls on the market, so that's something.