Currently the documentation says if we enter a redirect address of say "http://192.168.1.10" then any address that begins with that would be acceptable as a redirect URI for the Sphinx Config.
Although the above is true, if you use http://myhost.domain.com as the redirect URI, it is not seen as a wildcard address and does not act the same as for the one with the IP address (ver 1.1).
It would really be nice to use a wildcard address as for the URI's that all behaved the same and allowed us to also do "http://myhost.domain.com/rm/api*" so it is not just based on the host name but could include a path portion as well.
I believe you are referring to URL http://127.0.0.1? That is the only one that is considered a "wildcard", and the simple reason is that it's used for native applications which should listen locally for the callback, and need to open a random TCP port that is not known in advance - thus the server should accept any port for such address.
All the other redirect URLs cannot be treated as wildcards and should match exactly the registered URL. That's a security requirement, described in the OAuth 2.0 standard (RFC 6749).