In a recent paper, a new method for tracking fluorescing single molecules that diffuse within bilipid layers or cell membranes was presented and its efficiency theoretically studied. In the present paper, two questions concerning this method are addressed: First, the fundamental question of how accurately can the spatial position of the tracked molecule be determined? Second, is it possible to extract temporal information about e.g. the reaction dynamics of a single fluorescence-labeled enzyme from the signal that is measured during single molecule tracking? The answers to these questions are important when estimating the usefulness of the proposed tracking method as an alternative to conventional single molecule tracking with wide field fluorescence microscopes.