Impressive technology but some of the potential applications are dreadful.
For example, product placement is already pervasive, now Brando's Stanley Kowalski will be shilling Hanes t-shirts, Olivier's Hamlet only uses Bic lighters, and instead of playing The Marriage of Figaro over the prison loudspeaker, Andy Dufresne regales his fellow inmates with the latest Coldplay single.
For me, production clients are already completely out of control, now they will be demanding changes and additions to footage long shot. Ugh.
See, I see it like this: once this kind of technology is trivially provided even in free copies of Windows 12 Movie Maker (or what have you) then, in addition to the mounds of crap, you'll also have a small number of gems because indie filmmakers will be able to compete with Hollywood blockbusters for special effects. At the very least, it might lower the cost of creating complicated scenes/location shots.
Similarly, using software like Photoshop (vs. old fashioned cut and paste with actual glue) made the world more interesting, not less.
It's not all that bad for me... there will be tons of crap, but some good will also come out of it. Think of it this way: anyone reading this has the means to write a book, but we don't worry all that much about bad literature.
Unlike Photoshop this has a very specifically defined use : To fuck shit up like George Lucas and force people to see crap the original maker of the image didn't want in there.
I can think of a bunch of uses of this technology that don't involve product placement or revisionism. For example, it'd be interesting to make gameplay mechanisms that involve doing shit in random Flickr images or whatever. Not to mention practical applications like interior design (seeing how that piece of furniture will look in a room) and so on.
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