This is essentially putting a Kinect in your phone and hooking it up with hopefully high-level APIs. It may take 2-3 years to make it into regular phones, but when it does it will be huge. Apple's acquisition of PrimeSense (the makers of the 1st gen Kinect) means they're also working on this.
To give you a real-world example: when I started BarSsense (http://www.barsense.com) the core problem was tracking the path and velocity of a weightlifter's bar. I bought a PrimeSense camera because it can extract a lot more data and with greater accuracy out of an image than a regular camera. After some prototyping, I decided to use a 2D camera and deliver the software as an app because I thought wide distribution and ease of use was more important than the fidelity and correctness of the data - ie, the "worse is better" approach. When these cameras make their way into regular phones, "worse is better" will suddenly become "better".
To give you a real-world example: when I started BarSsense (http://www.barsense.com) the core problem was tracking the path and velocity of a weightlifter's bar. I bought a PrimeSense camera because it can extract a lot more data and with greater accuracy out of an image than a regular camera. After some prototyping, I decided to use a 2D camera and deliver the software as an app because I thought wide distribution and ease of use was more important than the fidelity and correctness of the data - ie, the "worse is better" approach. When these cameras make their way into regular phones, "worse is better" will suddenly become "better".