Uh, not really, there's is small amount of visual control you'll lose while you Mouse Saber but other than that it should actually have a much higher amout of control than the normal system.
As for chances of the project getting cancelled, sure, there's always a chance, but there's no reason for that at the moment.
---Jedi Guardian of the Newbie Questions
---Masters of the Force Team Leader / Creator
---Open Jedi Project Lead Moderator / Co-Founder