Update 23rd January 2008: I have released Smoothboard 1.0 on a new website, Smoothboard.net.
I have added several features into the Wiimote Whiteboard 0.2 with smoothing as discussed in the Wiimote Project forum. Most of the features are ported over from RightClicker.
According to ben from the forum, this version needs a better name, so please suggest any. 
Features for Wiimote Whiteboard 0.2.2 BETA:
- Cursor smoothing
- Shortcut to Windows On Screen Keyboard from the system tray icon.
- Configurations saved
- Several right click toggle methods
System Tray Icon – Similar to RightClicker
Toggle Area – Similar to RightClicker with the ability to create multiple toggle areas.
Outside Screen Click – Click outside the viewable screen area to toggle the mode.
Notes
This version requires more testing before actual use! Download this version only if you intend to test it. I will be adding more features into this version while I obtain more feedback.
This version works on my Windows XP computer. I have tested it to work in MS Powerpoint 2003. Please feedback to me on the compatibility with other OS and software such as Powerpoint 2007 and OneNote.
Update: I have received feedback from some users. Thanks to all!
This version is also found to be working with OneNote 2007 and Powerpoint 2007. It also works in both Windows XP and Vista.
All bugs/suggestions/feature requests can be posted here or to the project forum.
