That is just SOOO cool! But so much for photorealism, eh?
As for how practical? Give it time. When Canon introduced the D30, people would have scoffed had you suggested a camera with the spec of the 1Ds MkIII. Sensors get better and cheaper, processing gets faster. In time, the electronics for this will be easily possible.
The first link, in the 2nd post above, didn't translate, btw. I wonder if the Stanford student who did that work is now the employee at Adobe?