Yes, you can emulate the mouse with out-of-the-box installation of FT in two modes:
1) position of the mouse is proportional to pitch/yaw
2) speed of mouse is proportional to pitch/yaw
So you can easily use FT with games that support view panning with the mouse.
FT also supports joystick and keyboard emulation for all axes.
Additionally you can do expand these output capabilities with a program called GlovePie and use it to "convince" some games to support FT.
This program can take input from most currently available controllers (including FT, 3D mice, VR gloves, Wiimotes etc), and emulate lots of input devices (actually, most of ones that it can read), being able to do some calculations and logic operations on these values in between. I'd highly recommend looking into this software .
You can do all kinds of wild stuff with it - for example, someone here on the forums had FT running on one PC with its output read by glovePie on the same computer sending data over LAN, and another instance of glovePie on a second PC, reading data from LAN and translating them to Trackir output