This rumor is NOT TRUE.
For a few reasons...
1) Ultra Wide Band does not work like an iTrip over FM spectrum. It requires both items support UWB, kinda like bluetooth. In fact, just think of it as bluetooth with firewire speed.
2) If the idea is that not enough people have HDTVs for it to be worth it, the idea that more than 4 people with have UWB equipped TVs is insane. It wont even launch until the end of the year and there are currently 2 competing standards.
3) It would add a hell of a lot of money to the cost of building the system.
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Not to beat a dead horse, but do you all remember how WRONG Johnny Nighttrain was during e3? Just flat wrong. Now he comes back, someone floats a ludicrious rumor, and you are all waxing philosophical on something that isnt going to happen. You can close the thread, stop the arguments, and write off the bullshit - mark my words, UWB in Rev is NOT happening.
If they figure out a way to transmit 480p over a wireless RF connection to an existing VHF channel, I will be surprised. If they implement UWB into Revolution, I will be absolutely fucking stunned.