Yes, it does allow you to hit it back some of the time. There is a small window of forginess in the game on return hits, but it's not always consistent.
I've seen times where I couldn't have been off more than a split second and missed, and others were my girlfriend took what looked like a full second to hit and still got it. This is with everyone choosing the Bronze difficulty for the player. So I'm not sure how it calculates time for returns.
I got the Move on friday, and me, my girlfriend, and some other friends have been playing this quite a bit the past couple of days.