The kinect is basically a depth sensitive web cam. Researchers at Microsoft have created a 3D video conferencing tool that includes aspects of augmented reality as well as 3D scanning.
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More details here. Now the thing is that this looks a lot like a scene from Minority Report (the 2002 movie). However, while the film has 3D holographic projectors, running from a 2D source. Microsoft has 3D capture and uses a 3D projector to convince the user that they are seeing in 3D.
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In ten years we have went from a science fiction film based in 2054 to a working prototype.