You Tube

Looks pretty cool. I could see that being used for film.

Considering how low rez the models are they might be able to adapt it for real time stuff as well. I could see it being used for simulations and things like google maps.

Impressive, but been waiting a while for it. Hopefully they're still working on it and have plans to bring it to market soon... More info: http://www.acvt.com.au/research/videotrace/

Looks like they've been playing around with using it for games as well as arch/vis and film.

You Tube

This is called photogrametry for those that are interested. Nothing new really. You can already do this in all the major 3d apps although it's a pain compared to apps made to do properly. Just load up a 3/4 view picture as an image plane match your grid and fov to the distortion of the pic, use the ground as reference. Then model some shit. I guess the fancy part is how it animates your camera based on the video. Two times I know of this technique being used is in the matrix part 1 the rooftop bullet dodge scene, all the environment surrounding neo is modeled and textured this way. And fight night round 3 the warehouse and other environments were modeled and textured this way.