Update: Stock is fluctuating between out of stock and in stock. It might be worth calling your local store to check.
Huge price drop from $498. Red 16GB or Graphite colour is the same price.
Lytro is a light-field camera that uses a microlens array to capture 4D light field information about a scene. Such light field information can be used to improve the solution of computer graphics and computer vision-related problems, and to make digital plenoptic pictures that can be refocused after they are taken. The camera doesn't capture 'pictures' in the way your current camera does - it's capturing information about where the light is travelling. This information can then be turned into a picture or, more to the point, a series of pictures with different focus points.
Other retailer prices for the 16GB:
Kogan - $449
Topbuy - $455
Other retailer prices for the 8GB:
Kogan - $399
Topbuy - $372
Short CNET video showing how the camera works.
Via Priceslice
Wtf