It all depends how you program the chip. If you didn't want to link to a website from the intelliPaper device, I'm sure you could load it with static content. I think it is a fair assessment that it is the same tracking as what could be applied to any web link, including a QR code.
SwivelCard does not allow the content of the chip to be changed. It is read only, linking to a customer specified online experience.
Customized and personalized static content is offered on other intelliPaper products.
Question for you: How valuable would it be if I could coax the USB chip to act as a HID/keyboard, instead of a mass storage device? It could then hotkey into the browser, type a url, and simplify the customer experience even further...