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Google has a page here (including a video) explaining the basics of Project Tango. The project team is just now releasing SDKs to the developer community. Once third-party developers start turning out apps, then we'll really begin discovering the potential of 3D technology in smartphones.
But Google does suggest some potential uses:
What if you could capture the dimensions of your home simply by walking around with your phone before you went furniture shopping?
What if directions to a new location didn’t stop at the street address?
What if you never again found yourself lost in a new building?
What if the visually-impaired could navigate unassisted in unfamiliar indoor places?
What if you could search for a product and see where the exact shelf is located in a super-store?
Imagine playing hide-and-seek in your house with your favorite game character, or transforming the hallways into a tree-lined path. Imagine competing against a friend for control over territories in your home with your own miniature army, or hiding secret virtual treasures in physical places around the world?