> The CM1 contains all the circuitry necessary to convert SteamVR Tracking base station infrared light into a digital output that encodes the angle of the sensor from the base station.
That implies that it's not a full location tracking solution by itself (angle only). The data sheet[0] doesn't seem to shed any further (ahem) light. Maybe I'm wrong. And I'm certainly interested in learning more. Do you have more details on the SteamVR tracking system?