It has no more in common with a theremin than an automatic door that opens when you approach it.
Here's an example of what I mean. It was just posted to YT yesterday and it's called Cambiare Attacca (http://www.youtube.com/watch?v=zUzymkL1Y0Y). The composer says it's for "theremin and Moog".
Do you hear a theremin in this composition? I don't. What I hear is a keyboard synth with a heavy vibrato on "glide".
If you were to play the sound you hear on the above video for a random group of people, and then play the sound of a true theremin, they would probably not hear any difference.
If it wobbles, it's a theremin.
If Melbourne's giant pyramid theremin is any indication, it doesn't even have to wobble. "Theremin" includes anything that is proximity activated.
As the definition of "theremin" expands to include more instruments and more sounds, the promoters of "World Thereminization" should be thrilled.
It's a theremin if you say it's a theremin.
NPR covered this story the other day, so the Giant Theremin has been getting a LOT of attention. If we're going to counter this propaganda that such a device might be called a theremin, we're going to have to work harder to spread the word!
Who's up for Occupy Giant Theremin?