This is going to change the way we see captured images.
Full light field capture which offers variable focal length images capturing the entire depth of field in a shot so you can play with it later is pretty amazing. While this is still pretty simplistic in the Lytro, the possibility of the underlying tech are very exciting.
Imagine shooting Google Street View again using this, trying to capture every street in the world with variable focus so you can look at what you like. Take that a step further to when this matures and you can shoot your holiday video capturing full light filed and go back over the footage to review things you missed. Add to that professional production, global mapping and location based information overlays and we are starting approaching virtual tourism pretty rapidly.
If this was viewable through a head mounted display or virtual goggles so you got full immersion and coupled with eye tracked focussing we would be able to have a pretty good virtualised experience of another place or event. I can image bopping out to a full immersion replay of the latest Glastonbury festival in surround sound, full immersion 3D or exploring a mining collapse after sending in a bot with recording gear.
To come back to the now for a moment, check out the science of the camera and some example pics on the website here