Pelican Imaging will be bringing out similar technology in cell phones this year or next. They're using a camera array rather than a single sensor + MLA.

Regarding interpolation from fewer viewpoints, you might check out these demos if you haven't seen them. Requires Flash.

http://lightfield.stanford.edu/lfs.html

I could certainly imagine a kind of 360 degree light field slideshow app with current technology. Not sure how much entertainment value is to be had there, though.

Thanks for the link! That's just what I was looking for re: interpolation.

Looking their acquisition rig, however, it seems like a choice between a large array of cameras, or one camera and a still image. It will be interesting to see if that can be made to work as video, with a large FOV, and interpolated movement on 3 axes. Seems like a big challenge.