Imagine speeding up the entire process of ThreePhase; you can essentially get a "real time" 3D scan. Check out this video for a better understanding.. http://vimeo.com/5605266
Kyle McDonald has uploaded the software for this technique and can be downloaded here:
From the videos I have seen, Kyle as well as some other people have had great success with Real Time 3D scanning!
I briefly tried this technique using the Cyclops; however, I received little success. I believe that this is because I used an iphone to display the pattern images on the projector. Using a computer to display the images on the projector should work much better.