Certainly awesome. Note that this implementation is toroidal. My take on J[1] (code-golfed) based in the same algorithm:
l=:[:+/(3 4=/[:+/(,/,"0/~i:1)|.])*.1,:]
De-golfed: life =: [: +/ (3 4 =/ [: +/ (,/ ,"0/~ i:1) |. ]) *. 1 ,: ]
[1] http://www.jsoftware.com
Here's one I found online http://dfns.dyalog.com/s_life.htm
Completely awesome convolution method.