I looked up their website, it looks interesting..
I found a demo on their website:
www.lytro.com/pictures/lyt-8/ I'm not sure how accurate that demo will be to the final product, but I can't see it being the end of photography as we know it. It will be an additional tool, a bit like Live View, but I can see the technology mainly being implemented into "point and shoot" style cameras in the future, a bit like that awful skin smoothing and pseudo-HDR effects the new consumer cameras utilise.
James