Kind of an interesting tangent, but the founder of Lytro (Ren Ng) is the advisor on a really cool paper that came out recently and reminds me a lot of this: http://www.matthewtancik.com/nerf

Basically, it's similar to this but also re-lights reflective parts at the cost of needing more than one source image.

It does, but applied in reverse. Check the Legacy Photos video for examples.