My cats used to love the laser pointer .. *L*
Be careful, though, because I have seen dogs that became obsessive/compulsive about lights overall with the use of a laser pointer. One dog was so bad that any sort of reflective light (through a crystal, headlights reflecting in at night, etc.) would set this dog into a spinning frenzy, trying to attack the lights. It even transferred over to fixation on ceiling fans. So if your dog starts getting a bit frenzied you will want to stop.
Personally I use a laser light to teach my dogs a "touch" command. I shine the light, they touch their nose to the red dot and they get rewarded for that. It later translates into being able to send them to a certain spot from a distance, or putting the red dot on an item I want them to retrieve, sending them to it and then giving them the retrieve command. So the laser pointer can be an effective tool in training too.
Melanie and the gang in Alaska