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Yep :) Last I heard people were talking about the people responsible being somewhat shady or something, but who knows, what they have shown looks very impressive in any case.
The fact they are building physical sets that matches the virtual world is as good as it gets I think. They will also use a radio based tracking system, IIRC, I read about the tech from the inventor/developer over at MTBS3D and they swooped him up.
So yeah, interesting stuff, sadly I doubt they'll end up anywhere near where I live, but perhaps they'll become a vacation goal :3