Well the way they read multi-touch these days is pretty odd, if you think about it. I never would have expected that they'd measure touch with IR cameras, which is basically what the iPhone does (I think). Using sound is just another semi-oddball idea that very well could work.
Hm yes, perhaps it could work better than I initially figured.
However this 'InputDynamics' idea sounds really similar to 'Acoustic pulse recognition' (
http://en.wikipedia.org/wiki/Touchscreen)
A downside of that technology is that it can only detect touch events that make a sound (tapping, and even dragging).
What it can't detect is a motionless finger on the screen, and also detecting the finger releasing the screen is problematic (no 'touch & hold'). Seems a limiting factor, especially for games, since an on-screen dpad probably won't work well on it (if at all).