Olafur Haraldsson has been working with the point clouds produced with the
Studio Clouds software from Alice Labs in the Netherlands. He has posted this Vimeo showing some preliminary work translating the Kinect data to render in the Studio Clouds software. Though the bulk of his previous work has been producing 3D point clouds by stitching together high quality 2d photography, he has begun exploring the use of the Kinect to obtain point clouds. He has two point clouds overlaid in this test, giving an interesting multiple exposure effect.
Olafur says he doubts that the Kinect can ever offer the beautiful, high quality point cloud resolution that the photographic assembly can produce, but he enjoys the experimentation.