I first saw Photosynth demoed by Blaise Aguera y Arcas at TED back in November of 2007 (video available below).  Even a year ago, the application was almost beyond belief.

Well, it looks as though Microsoft has finally made it available for mass consumption.  Developed out of the Microsoft Live Labs, a group of brilliant people in Seattle, Photosynth is able to take numerous pictures of a single place, person and event and “stitch” them together (similar in some ways to QuickTime Pro’s ability).  Once they are stitched together, Photosynth can render a virtual or 3D representation of the subject.  Hard to explain, yes.  It is much better to just go check it out here.  Be warned though…your pictures and final photosynth files are freely available to the public.  As well, you will need to install a small application on your system.  Have fun!